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Synovus Announces Earnings for the Fourth Quarter 2022

Diluted Earnings per Share of $1.35 vs. $1.33 in 3Q22

Adjusted Diluted Earnings per Share of $1.35 vs. $1.34 in 3Q22

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2022. "Our 2022 financial results validated the resiliency of our business model and our team's ability to successfully execute on key strategic growth initiatives while delivering top quartile returns and efficiency," said Kevin Blair, Synovus chairman, CEO and president. "With pre-provision net revenue up 19%, the year was shaped by broad-based growth and stability in our core banking franchise that enabled investments in new sources of growth and enhancements to the client experience. Our commonsense approach to expense, credit, and capital management positions us for continued growth while remaining flexible as economic volatility persists. 2023 is a year of focused execution that will continue to drive profitable growth, enhanced service quality, and deeper client relationships. And as we also navigate uncertain economic terrain, risk profile resiliency, broad-based deposit generation, and strong credit vigilance remain top priorities. We're confident in the strength of our footprint, talent, and ability to execute, which will translate into achieving our stated near-term and long-term financial targets."

2022 Highlights

  • Net income available to common shareholders for 2022 was $724.7 million, or $4.95 per diluted share, as compared to $727.3 million, or $4.90 per diluted share, for 2021.
  • Pre-provision net revenue of $1.05 billion increased $165.6 million, or 19%, largely driven by robust net interest income growth that was fueled by strong loan growth and an overall asset sensitive position given rising interest rates.
    • Adjusted pre-provision net revenue excluding Paycheck Protection Program (PPP) revenue of $1.04 billion increased $233.0 million, or 29%.
  • Period-end loans increased $4.79 billion, or 12%, excluding PPP loans, with broad-based growth across asset classes led by commercial lines of business.
  • Period-end deposits declined $555.7 million, or 1%, impacted by increasing pricing pressures; however, overall deposit costs benefited from prudent pricing strategy and an extended lag on deposit pricing.
  • Credit metrics including non-performing loan, non-performing asset, and net charge-off ratios are at or near historically low levels.
  • Provision for credit losses of $84.6 million in 2022 compared to a reversal of credit losses of $106.3 million for the prior year. 2022 results reflect a deterioration in the economic outlook for 2023 and 2024 and strong loan growth, while prior year results benefited from an improvement in the economic outlook as the effects of the COVID-19 pandemic began to subside.
  • Preliminary year-end CET1 ratio of 9.63% increased to upper half of target operating range of 9.25% to 9.75%.
  • Continued progress on key strategic initiatives as pre-tax run rate benefit of $175 million Synovus Forward initiative was achieved.

Fourth Quarter 2022 Highlights

  • Net income available to common shareholders was $197.5 million, or $1.35 per diluted share, up $0.02 sequentially and up $0.04 compared to the fourth quarter 2021.
  • Total revenue of $603.8 million increased $21.6 million, or 4%, sequentially and was up $94.4 million, or 19%, compared to the fourth quarter 2021.
  • Pre-provision net revenue of $294.8 million increased $6.6 million, or 2%, sequentially and was up $80.6 million, or 38%, compared to the fourth quarter 2021.
  • Period-end loans increased $1.14 billion, or 3%, representing a growth rate of 11% annualized, our sixth consecutive quarter of annualized double-digit loan growth.
  • Period-end deposits grew $1.17 billion, or 2%, sequentially.
    • Core deposits increased $372.8 million, or 1%, sequentially.
  • Credit quality metrics remained stable from the previous quarter and included a quarter-end non-performing loan ratio of 0.29%, non-performing asset ratio of 0.33%, and a quarterly net charge-off ratio of 0.12%.
  • Preliminary CET1 ratio of 9.63% grew 11 bps sequentially as capital generation continued to support client loan growth.

Fourth Quarter 2022 Summary

 

Reported

 

Adjusted

(dollars in thousands)

4Q22

 

3Q22

 

4Q21

 

4Q22

 

3Q22

 

4Q21

Net income available to common shareholders

$

197,479

 

 

$

194,753

 

 

$

192,110

 

 

$

197,576

 

 

$

195,481

 

 

$

198,373

 

Diluted earnings per share

 

1.35

 

 

 

1.33

 

 

 

1.31

 

 

 

1.35

 

 

 

1.34

 

 

 

1.35

 

Total revenue

 

603,785

 

 

 

582,217

 

 

 

509,381

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Total loans

 

43,716,353

 

 

 

42,571,458

 

 

 

39,311,958

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Total deposits

 

48,871,559

 

 

 

47,697,564

 

 

 

49,427,276

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Return on avg assets

 

1.38

%

 

 

1.39

%

 

 

1.40

%

 

 

1.39

%

 

 

1.39

%

 

 

1.44

%

Return on avg common equity

 

20.93

 

 

 

18.66

 

 

 

16.11

 

 

 

20.94

 

 

 

18.73

 

 

 

16.64

 

Return on avg tangible common equity

 

24.21

 

 

 

21.29

 

 

 

18.14

 

 

 

24.22

 

 

 

21.37

 

 

 

18.72

 

Net interest margin

 

3.60

 

 

 

3.49

 

 

 

2.96

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Efficiency ratio-TE(1)(2)

 

51.08

 

 

 

50.41

 

 

 

57.85

 

 

 

50.58

 

 

 

49.98

 

 

 

55.64

 

NCO ratio-QTD

 

0.12

 

 

 

0.04

 

 

 

0.11

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

NPA ratio

 

0.33

 

 

 

0.32

 

 

 

0.40

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

 

(1) Taxable equivalent

(2) Adjusted tangible efficiency ratio

Balance Sheet

Loans*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

4Q22

 

 

3Q22

 

Linked

Quarter

Change

 

Linked

Quarter

% Change

 

 

4Q21

 

Year/Year

Change

 

Year/Year

% Change

Commercial & industrial**

$

22,066.7

 

$

21,212.5

 

$

854.1

 

 

4

%

 

$

19,622.9

 

$

2,443.7

 

12

%

Commercial real estate

 

12,650.3

 

 

12,288.0

 

 

362.3

 

 

3

 

 

 

11,015.1

 

 

1,635.2

 

15

 

Consumer

 

8,999.4

 

 

9,071.0

 

 

(71.6

)

 

(1

)

 

 

8,673.9

 

 

325.5

 

4

 

Total loans

$

43,716.4

 

$

42,571.5

 

$

1,144.9

 

 

3

%

 

$

39,311.9

 

$

4,404.4

 

11

%

 

* Amounts may not total due to rounding

** Includes PPP balances of $14.7 million, $42.8 million, and $399.6 million at 4Q22, 3Q22, and 4Q21, respectively.

  • Total loans ended the quarter at $43.72 billion, up $1.14 billion sequentially, or 11% annualized, led by continued diversified growth from commercial lines of business across multiple industries and segments.

Deposits*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

4Q22

 

 

3Q22

 

Linked

Quarter

Change

 

Linked

Quarter

% Change

 

 

4Q21

 

Year/Year

Change

 

Year/Year

% Change

Non-interest-bearing DDA

$

14,574.5

 

$

15,373.7

 

$

(799.3

)

 

(5

)%

 

$

15,242.8

 

$

(668.4

)

 

(4

)%

Interest-bearing DDA

 

5,761.4

 

 

5,776.8

 

 

(15.4

)

 

 

 

 

6,347.0

 

 

(585.6

)

 

(9

)

Money market

 

12,480.7

 

 

12,918.6

 

 

(437.9

)

 

(3

)

 

 

14,886.4

 

 

(2,405.7

)

 

(16

)

Savings

 

1,396.4

 

 

1,470.1

 

 

(73.7

)

 

(5

)

 

 

1,404.4

 

 

(8.0

)

 

(1

)

Public funds

 

6,635.6

 

 

5,549.7

 

 

1,085.9

 

 

20

 

 

 

6,284.6

 

 

351.0

 

 

6

 

Time deposits

 

2,724.1

 

 

2,110.9

 

 

613.1

 

 

29

 

 

 

2,427.1

 

 

297.0

 

 

12

 

Brokered deposits

 

5,299.0

 

 

4,497.8

 

 

801.2

 

 

18

 

 

 

2,835.0

 

 

2,464.0

 

 

87

 

Total deposits

$

48,871.6

 

$

47,697.6

 

$

1,174.0

 

 

2

%

 

$

49,427.3

 

$

(555.7

)

 

(1

)%

 

* Amounts may not total due to rounding

  • Total deposits ended the quarter at $48.87 billion, an increase of $1.17 billion, or 2%, sequentially as focus on new deposit production and seasonal benefit from public funds drove growth.
  • Total deposit costs increased 50 bps from the third quarter 2022 to 88 bps.
    • Total deposit beta cycle to date through the fourth quarter 2022 of 21% reflects disciplined pricing strategy and benefit from lag in deposit repricing.

Income Statement Summary*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

4Q22

 

 

 

3Q22

 

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

4Q21

 

 

Year/Year

Change

 

Year/Year

% Change

Net interest income

$

501,346

 

 

$

477,919

 

 

$

23,427

 

 

5

%

 

$

392,313

 

 

$

109,033

 

 

28

%

Non-interest revenue

 

102,439

 

 

 

104,298

 

 

 

(1,859

)

 

(2

)

 

 

117,068

 

 

 

(14,629

)

 

(12

)

Non-interest expense

 

308,996

 

 

 

294,010

 

 

 

14,986

 

 

5

 

 

 

295,207

 

 

 

13,789

 

 

5

 

Provision for (reversal of) credit losses

 

34,884

 

 

 

25,581

 

 

 

9,303

 

 

36

 

 

 

(55,210

)

 

 

90,094

 

 

nm

 

Income before taxes

$

259,905

 

 

$

262,626

 

 

$

(2,721

)

 

(1

)%

 

$

269,384

 

 

$

(9,479

)

 

(4

)%

Income tax expense

 

54,135

 

 

 

59,582

 

 

 

(5,447

)

 

(9

)

 

 

68,983

 

 

 

(14,848

)

 

(22

)

Preferred stock dividends

 

8,291

 

 

 

8,291

 

 

 

 

 

 

 

 

8,291

 

 

 

 

 

 

Net income available to common shareholders

$

197,479

 

 

$

194,753

 

 

$

2,726

 

 

1

%

 

$

192,110

 

 

$

5,369

 

 

3

%

Weighted average common shares outstanding, diluted

 

146,528

 

 

 

146,418

 

 

 

110

 

 

 

 

 

146,793

 

 

 

(265

)

 

 

Diluted earnings per share

$

1.35

 

 

$

1.33

 

 

$

0.02

 

 

2

%

 

$

1.31

 

 

$

0.04

 

 

3

%

Adjusted diluted earnings per share

$

1.35

 

 

$

1.34

 

 

$

0.01

 

 

1

%

 

$

1.35

 

 

$

 

 

%

Effective tax rate

 

20.83

%

 

 

22.69

%

 

 

 

 

 

 

25.61

%

 

 

 

 

 

* Amounts may not total due to rounding

Core Performance

  • Net interest income increased $23.4 million, or 5%, compared to the prior quarter and was up $109.0 million, or 28%, compared to the fourth quarter 2021, driven by loan growth, interest rate increases, and disciplined deposit pricing.
    • Net interest margin was 3.60%, up 11 bps from the previous quarter.
  • Non-interest revenue of $102.4 million decreased $1.9 million, or 2%, sequentially and declined $14.6 million, or 12%, compared to the fourth quarter 2021.
    • Unfavorable valuation adjustments totaling $5.0 million for two tax equity investment partnerships and continued lower mortgage banking income from a challenging environment were somewhat offset by growth in wealth revenue and card fees.
  • Non-interest expense increased $15.0 million, or 5%, sequentially and was up $13.8 million, or 5%, compared to the fourth quarter 2021.
    • Increases were primarily driven by a combination of performance-related costs which align with financial performance, investments in new business initiatives, and infrastructure spend.
  • Credit quality ratios remain historically strong. The non-performing loan and asset ratios were stable at 0.29% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.12%, in line with recent levels; and total past dues were 0.15% of total loans outstanding.
  • Provision for credit losses of $34.9 million increased $9.3 million sequentially and compares to a reversal of credit losses for the fourth quarter 2021 of $55.2 million. The increases were impacted by uncertain economic conditions, loan growth, and the cessation of a third-party lending relationship.
    • The allowance for credit losses coverage ratio (to loans) of 1.15% was up 2 bps sequentially and down 4 bps compared to the prior year and reflects the positive performance in the loan portfolio offset by a negative bias influencing future economic scenario metrics.

Capital Ratios

 

 

 

 

 

 

 

4Q22

 

3Q22

 

4Q21

Common equity Tier 1 capital (CET1) ratio

9.63

%

*

9.52

%

 

9.50

%

Tier 1 capital ratio

10.68

 

*

10.59

 

 

10.66

 

Total risk-based capital ratio

12.54

 

*

12.45

 

 

12.61

 

Tier 1 leverage ratio

9.07

 

*

9.04

 

 

8.72

 

Tangible common equity ratio

5.84

 

 

5.52

 

 

7.52

 

 

* Ratios are preliminary

Capital

  • Preliminary CET1 ratio improved 11 bps sequentially to 9.63%, and the preliminary total risk-based capital ratio of 12.54% increased 9 bps from the prior quarter as capital generated from earnings supported continued strong loan growth.

Fourth Quarter 2022 Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on Jan. 19, 2023. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 246 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and adjusted pre-provision net revenue (PPNR) excluding PPP revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and PPNR, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted tangible efficiency ratio is a measure utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. Adjusted PPNR ex. PPP revenue is used by management to evaluate pre-provision net revenue exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons including PPP revenue. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

4Q22

 

3Q22

 

4Q21

Adjusted tangible efficiency ratio

 

 

 

 

 

Total non-interest expense

$

308,996

 

 

$

294,010

 

 

$

295,207

 

Subtract/add: Restructuring charges

 

2,372

 

 

 

(956

)

 

 

(5,958

)

Subtract: Valuation adjustment to Visa derivative

 

(2,500

)

 

 

 

 

 

(2,656

)

Subtract/add: Fair value adjustment on non-qualified deferred compensation

 

(1,557

)

 

 

1,076

 

 

 

(995

)

Adjusted non-interest expense

$

307,311

 

 

$

294,130

 

 

$

285,598

 

 

 

 

 

 

 

Subtract: Amortization of intangibles

 

(2,118

)

 

 

(2,118

)

 

 

(2,379

)

Adjusted tangible non-interest expense

$

305,193

 

 

$

292,012

 

 

$

283,219

 

 

 

 

 

 

 

Net interest income

$

501,346

 

 

$

477,919

 

 

$

392,313

 

Add: Taxable equivalent adjustment

 

1,131

 

 

 

972

 

 

 

884

 

Add: Total non-interest revenue

 

102,439

 

 

 

104,298

 

 

 

117,068

 

Total TE revenue

 

604,916

 

 

 

583,189

 

 

 

510,265

 

Subtract/add: Investment securities (gains) losses, net

 

 

 

 

 

 

 

(230

)

Subtract/add: Fair value adjustment on non-qualified deferred compensation

 

(1,557

)

 

 

1,076

 

 

 

(995

)

Adjusted revenue

$

603,359

 

 

$

584,265

 

 

$

509,040

 

Efficiency ratio-TE

 

51.08

%

 

 

50.41

%

 

 

57.85

%

Adjusted tangible efficiency ratio

 

50.58

 

 

 

49.98

 

 

 

55.64

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

(in thousands, except per share data)

4Q22

 

3Q22

 

4Q21

Adjusted return on average assets

 

 

 

 

 

Net income

$

205,770

 

 

$

203,044

 

 

$

200,401

 

Add/subtract: Restructuring charges

 

(2,372

)

 

 

956

 

 

 

5,958

 

Add: Valuation adjustment to Visa derivative

 

2,500

 

 

 

 

 

 

2,656

 

Subtract/add: Investment securities (gains) losses, net

 

 

 

 

 

 

 

(230

)

Subtract/add: Tax effect of adjustments(1)

 

(31

)

 

 

(228

)

 

 

(2,121

)

Adjusted net income

$

205,867

 

 

$

203,772

 

 

$

206,664

 

Net income annualized

$

816,370

 

 

$

805,555

 

 

$

795,069

 

Adjusted net income annualized

$

816,755

 

 

$

808,443

 

 

$

819,917

 

Total average assets

$

58,963,417

 

 

$

58,055,979

 

 

$

56,911,929

 

Return on average assets

 

1.38

%

 

 

1.39

%

 

 

1.40

%

Adjusted return on average assets

 

1.39

 

 

 

1.39

 

 

 

1.44

 

 

 

 

 

 

 

Adjusted net income available to common shareholders and adjusted net income per common share, diluted

 

 

 

 

 

Net income available to common shareholders

$

197,479

 

 

$

194,753

 

 

$

192,110

 

Add/subtract: Restructuring charges

 

(2,372

)

 

 

956

 

 

 

5,958

 

Add: Valuation adjustment to Visa derivative

 

2,500

 

 

 

 

 

 

2,656

 

Subtract/add: Investment securities (gains) losses, net

 

 

 

 

 

 

 

(230

)

Subtract/add: Tax effect of adjustments(1)

 

(31

)

 

 

(228

)

 

 

(2,121

)

Adjusted net income available to common shareholders

$

197,576

 

 

$

195,481

 

 

$

198,373

 

Weighted average common shares outstanding, diluted

 

146,528

 

 

 

146,418

 

 

 

146,793

 

Net income per common share, diluted

$

1.35

 

 

$

1.33

 

 

$

1.31

 

Adjusted net income per common share, diluted

 

1.35

 

 

 

1.34

 

 

 

1.35

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

(dollars in thousands)

4Q22

 

3Q22

 

4Q21

 

 

 

 

 

 

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity

 

 

 

 

 

Net income available to common shareholders

$

197,479

 

 

$

194,753

 

 

$

192,110

 

Add/subtract: Restructuring charges

 

(2,372

)

 

 

956

 

 

 

5,958

 

Add: Valuation adjustment to Visa derivative

 

2,500

 

 

 

 

 

 

2,656

 

Subtract/add: Investment securities (gains) losses, net

 

 

 

 

 

 

 

(230

)

Subtract/add: Tax effect of adjustments(1)

 

(31

)

 

 

(228

)

 

 

(2,121

)

Adjusted net income available to common shareholders

$

197,576

 

 

$

195,481

 

 

$

198,373

 

 

 

 

 

 

 

Adjusted net income available to common shareholders annualized

$

783,861

 

 

$

775,550

 

 

$

787,023

 

Add: Amortization of intangibles, tax effected, annualized

 

6,358

 

 

 

6,401

 

 

 

7,050

 

Adjusted net income available to common shareholders excluding amortization of intangibles annualized

$

790,219

 

 

$

781,951

 

 

$

794,073

 

 

 

 

 

 

 

Net income available to common shareholders annualized

$

783,476

 

 

$

772,661

 

 

$

762,176

 

Add: Amortization of intangibles, tax effected, annualized

 

6,358

 

 

 

6,401

 

 

 

7,050

 

Net income available to common shareholders excluding amortization of intangibles annualized

$

789,834

 

 

$

779,062

 

 

$

769,226

 

 

 

 

 

 

 

Total average shareholders' equity less preferred stock

$

3,742,927

 

 

$

4,141,516

 

 

$

4,730,828

 

Subtract: Goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Subtract: Other intangible assets, net

 

(28,174

)

 

 

(30,214

)

 

 

(36,805

)

Total average tangible shareholders' equity less preferred stock

$

3,262,363

 

 

$

3,658,912

 

 

$

4,241,633

 

Return on average common equity

 

20.93

%

 

 

18.66

%

 

 

16.11

%

Adjusted return on average common equity

 

20.94

 

 

 

18.73

 

 

 

16.64

 

Return on average tangible common equity

 

24.21

 

 

 

21.29

 

 

 

18.14

 

Adjusted return on average tangible common equity

 

24.22

 

 

 

21.37

 

 

 

18.72

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

December 31,

 

September 30,

 

December 31,

(dollars in thousands)

2022

 

2022

 

2021

Tangible common equity ratio

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

59,731,378

 

 

$

58,639,522

 

 

$

57,317,226

 

Subtract: Goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Subtract: Other intangible assets, net

 

(27,124

)

 

 

(29,242

)

 

 

(35,596

)

Tangible assets

$

59,251,864

 

 

$

58,157,890

 

 

$

56,829,240

 

 

 

 

 

 

 

Total shareholders’ equity

$

4,475,801

 

 

$

4,229,715

 

 

$

5,296,800

 

Subtract: Goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Subtract: Other intangible assets, net

 

(27,124

)

 

 

(29,242

)

 

 

(35,596

)

Subtract: Preferred stock, no par value

 

(537,145

)

 

 

(537,145

)

 

 

(537,145

)

Tangible common equity

$

3,459,142

 

 

$

3,210,938

 

 

$

4,271,669

 

Total shareholders’ equity to total assets ratio

 

7.49

%

 

 

7.21

%

 

 

9.24

%

Tangible common equity ratio

 

5.84

 

 

 

5.52

 

 

 

7.52

 

 

 

 

 

 

 

(1) An assumed marginal tax rate of 24.3% for 4Q22, 23.8% for 3Q22, and 25.3% for 4Q21 was applied.

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

(dollars in thousands)

2022

 

2021

Adjusted pre-provision net revenue (PPNR) ex. PPP revenue

 

 

 

Net interest income

$

1,796,900

 

 

$

1,532,947

 

Add: Total non-interest revenue

 

409,336

 

 

 

450,066

 

Subtract: Total non-interest expense

 

(1,157,506

)

 

 

(1,099,904

)

Pre-provision net revenue

$

1,048,730

 

 

$

883,109

 

 

 

 

 

Net interest income

$

1,796,900

 

 

$

1,532,947

 

Add: Taxable equivalent adjustment

 

3,927

 

 

 

3,185

 

TE net interest income

 

1,800,827

 

 

 

1,536,132

 

Add: Total non-interest revenue

$

409,336

 

 

$

450,066

 

Total TE revenue

 

2,210,163

 

 

 

1,986,198

 

Subtract/add: Investment securities (gains) losses, net

 

 

 

 

799

 

Subtract/add: Fair value adjustment on non-qualified deferred compensation

 

4,054

 

 

 

(2,816

)

Adjusted revenue

$

2,214,217

 

 

$

1,984,181

 

Subtract: PPP revenue

 

(13,866

)

 

 

(94,733

)

Adjusted revenue ex. PPP revenue

$

2,200,351

 

 

$

1,889,448

 

 

 

 

 

Total non-interest expense

$

1,157,506

 

 

$

1,099,904

 

Subtract: Earnout liability adjustments

 

 

 

 

(507

)

Subtract: Loss on early extinguishment of debt

 

(677

)

 

 

 

Subtract/add: Restructuring charges

 

9,690

 

 

 

(7,223

)

Subtract: Valuation adjustment to Visa derivative

 

(6,000

)

 

 

(2,656

)

Subtract/add: Fair value adjustment on non-qualified deferred compensation

 

4,054

 

 

 

(2,816

)

Adjusted non-interest expense

$

1,164,573

 

 

$

1,086,702

 

 

 

 

 

Adjusted revenue ex. PPP revenue

$

2,200,351

 

 

$

1,889,448

 

Subtract: Adjusted non-interest expense

 

(1,164,573

)

 

 

(1,086,702

)

Adjusted PPNR ex. PPP revenue

$

1,035,778

 

 

$

802,746

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

 

 

 

(Unaudited)

 

Years Ended

 

(Dollars in thousands, except per share data)

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

2,075,787

 

 

$

1,653,343

 

 

26

%

 

Interest expense

 

 

278,887

 

 

 

120,396

 

 

132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

1,796,900

 

 

 

1,532,947

 

 

17

 

 

Provision for (reversal of) credit losses

 

 

84,553

 

 

 

(106,251

)

 

nm

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

 

1,712,347

 

 

 

1,639,198

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

93,067

 

 

 

86,310

 

 

8

 

 

Fiduciary and asset management fees

 

 

78,414

 

 

 

77,147

 

 

2

 

 

Card fees

 

 

61,833

 

 

 

51,399

 

 

20

 

 

Brokerage revenue

 

 

67,034

 

 

 

56,439

 

 

19

 

 

Mortgage banking income

 

 

17,476

 

 

 

54,371

 

 

(68

)

 

Capital markets income

 

 

26,702

 

 

 

26,118

 

 

2

 

 

Income from bank-owned life insurance

 

 

29,720

 

 

 

38,019

 

 

(22

)

 

Investment securities gains (losses), net

 

 

 

 

 

(799

)

 

nm

 

 

Other non-interest revenue

 

 

35,090

 

 

 

61,062

 

 

(43

)

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

 

409,336

 

 

 

450,066

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

Salaries and other personnel expense

 

 

681,710

 

 

 

649,426

 

 

5

 

 

Net occupancy, equipment, and software expense

 

 

174,730

 

 

 

169,222

 

 

3

 

 

Third-party processing and other services

 

 

88,617

 

 

 

86,688

 

 

2

 

 

Professional fees

 

 

37,189

 

 

 

32,785

 

 

13

 

 

FDIC insurance and other regulatory fees

 

 

29,083

 

 

 

22,355

 

 

30

 

 

Restructuring charges

 

 

(9,690

)

 

 

7,223

 

 

(234

)

 

Other operating expenses

 

 

155,867

 

 

 

132,205

 

 

18

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

 

 

1,157,506

 

 

 

1,099,904

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

964,177

 

 

 

989,360

 

 

(3

)

 

Income tax expense

 

 

206,275

 

 

 

228,893

 

 

(10

)

 

 

 

 

 

 

 

 

 

Net income

 

 

757,902

 

 

 

760,467

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

 

33,163

 

 

 

33,163

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

724,739

 

 

$

727,304

 

 

%

 

 

 

 

 

 

 

 

 

Net income per common share, basic

 

 

4.99

 

 

 

4.95

 

 

1

%

 

 

 

 

 

 

 

 

 

Net income per common share, diluted

 

 

4.95

 

 

 

4.90

 

 

1

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

 

1.36

 

 

 

1.32

 

 

3

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.32

%

 

 

1.37

%

 

(5) bps

 

Return on average common equity

 

 

17.41

 

 

 

15.56

 

 

185

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

 

145,364

 

 

 

147,041

 

 

(1

)%

 

Weighted average common shares outstanding, diluted

 

 

146,481

 

 

 

148,495

 

 

(1

)

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

bps - basis points

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

2022

 

2021

 

Fourth

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

22 vs '21

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

654,654

 

 

551,299

 

453,772

 

 

416,062

 

 

418,279

 

 

57

%

 

Interest expense

 

153,308

 

 

73,380

 

28,384

 

 

23,814

 

 

25,966

 

 

490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

501,346

 

 

477,919

 

425,388

 

 

392,248

 

 

392,313

 

 

28

 

 

Provision for (reversal of) credit losses

 

34,884

 

 

25,581

 

12,688

 

 

11,400

 

 

(55,210

)

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

466,462

 

 

452,338

 

412,700

 

 

380,848

 

 

447,523

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

23,639

 

 

23,398

 

23,491

 

 

22,539

 

 

22,221

 

 

6

 

 

Fiduciary and asset management fees

 

18,836

 

 

19,201

 

20,100

 

 

20,277

 

 

20,602

 

 

(9

)

 

Card fees

 

15,887

 

 

15,101

 

16,089

 

 

14,756

 

 

12,861

 

 

24

 

 

Brokerage revenue

 

19,996

 

 

17,140

 

15,243

 

 

14,655

 

 

14,795

 

 

35

 

 

Mortgage banking income

 

2,554

 

 

5,065

 

3,904

 

 

5,953

 

 

7,059

 

 

(64

)

 

Capital markets income

 

6,998

 

 

6,839

 

7,393

 

 

5,472

 

 

7,188

 

 

(3

)

 

Income from bank-owned life insurance

 

7,206

 

 

6,792

 

9,165

 

 

6,556

 

 

15,168

 

 

(52

)

 

Investment securities gains (losses), net

 

 

 

 

 

 

 

 

230

 

 

nm

 

 

Other non-interest revenue

 

7,323

 

 

10,762

 

1,881

 

 

15,126

 

 

16,944

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

102,439

 

 

104,298

 

97,266

 

 

105,334

 

 

117,068

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and other personnel expense

 

182,629

 

 

173,334

 

161,063

 

 

164,684

 

 

167,018

 

 

9

 

 

Net occupancy, equipment, and software expense

 

45,192

 

 

43,462

 

43,199

 

 

42,877

 

 

42,780

 

 

6

 

 

Third-party processing and other services

 

23,130

 

 

22,539

 

21,952

 

 

20,996

 

 

22,791

 

 

1

 

 

Professional fees

 

11,096

 

 

6,755

 

10,865

 

 

8,474

 

 

9,014

 

 

23

 

 

FDIC insurance and other regulatory fees

 

8,232

 

 

7,707

 

6,894

 

 

6,250

 

 

6,016

 

 

37

 

 

Restructuring charges

 

(2,372

)

 

956

 

(1,850

)

 

(6,424

)

 

5,958

 

 

(140

)

 

Other operating expenses

 

41,089

 

 

39,257

 

39,928

 

 

35,593

 

 

41,630

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

 

308,996

 

 

294,010

 

282,051

 

 

272,450

 

 

295,207

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

259,905

 

 

262,626

 

227,915

 

 

213,732

 

 

269,384

 

 

(4

)

 

Income tax expense

 

54,135

 

 

59,582

 

49,863

 

 

42,695

 

 

68,983

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

205,770

 

 

203,044

 

178,052

 

 

171,037

 

 

200,401

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

8,291

 

 

8,291

 

8,291

 

 

8,291

 

 

8,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

$

197,479

 

 

194,753

 

169,761

 

 

162,746

 

 

192,110

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

$

1.36

 

 

1.34

 

1.17

 

 

1.12

 

 

1.32

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, diluted

 

1.35

 

 

1.33

 

1.16

 

 

1.11

 

 

1.31

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.34

 

 

0.34

 

0.34

 

 

0.34

 

 

0.33

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets *

 

1.38

%

 

1.39

 

1.26

 

 

1.22

 

 

1.40

 

 

(2) bps

 

Return on average common equity *

 

20.93

 

 

18.66

 

16.48

 

 

14.20

 

 

16.11

 

 

482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

145,467

 

 

145,386

 

145,328

 

 

145,273

 

 

145,316

 

 

%

 

Weighted average common shares outstanding, diluted

 

146,528

 

 

146,418

 

146,315

 

 

146,665

 

 

146,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

bps - basis points

 

 

 

 

 

 

 

 

 

 

 

 

* - ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET DATA

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

 

$

624,097

 

 

$

516,163

 

 

$

432,925

 

 

Interest-bearing funds with Federal Reserve Bank

 

 

1,280,684

 

 

 

1,260,748

 

 

 

2,479,006

 

 

Interest earning deposits with banks

 

 

34,632

 

 

 

32,445

 

 

 

25,535

 

 

Federal funds sold and securities purchased under resale agreements

 

 

38,367

 

 

 

58,448

 

 

 

72,387

 

 

Cash and cash equivalents

 

 

1,977,780

 

 

 

1,867,804

 

 

 

3,009,853

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale, at fair value

 

 

9,678,103

 

 

 

9,587,508

 

 

 

10,918,329

 

 

Loans held for sale ($51,136, $56,517, and $108,198 measured at fair value,

respectively)

 

 

391,502

 

 

 

696,450

 

 

 

750,642

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

 

 

43,716,353

 

 

 

42,571,458

 

 

 

39,311,958

 

 

Allowance for loan losses

 

 

(443,424

)

 

 

(421,359

)

 

 

(427,597

)

 

Loans, net

 

 

43,272,929

 

 

 

42,150,099

 

 

 

38,884,361

 

 

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

 

1,089,280

 

 

 

1,084,060

 

 

 

1,068,616

 

 

Premises, equipment, and software, net

 

 

370,632

 

 

 

376,823

 

 

 

407,241

 

 

Goodwill

 

 

452,390

 

 

 

452,390

 

 

 

452,390

 

 

Other intangible assets, net

 

 

27,124

 

 

 

29,242

 

 

 

35,596

 

 

Other assets

 

 

2,471,638

 

 

 

2,395,146

 

 

 

1,790,198

 

 

Total assets

 

$

59,731,378

 

 

$

58,639,522

 

 

$

57,317,226

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

15,639,899

 

 

$

16,359,551

 

 

$

16,392,653

 

 

Interest-bearing deposits

 

 

33,231,660

 

 

 

31,338,013

 

 

 

33,034,623

 

 

 

 

 

 

 

 

 

 

Total deposits

 

 

48,871,559

 

 

 

47,697,564

 

 

 

49,427,276

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

 

146,588

 

 

 

240,210

 

 

 

264,133

 

 

Other short-term borrowings

 

 

603,384

 

 

 

614,232

 

 

 

200

 

 

Long-term debt

 

 

4,109,597

 

 

 

4,434,327

 

 

 

1,204,229

 

 

Other liabilities

 

 

1,524,449

 

 

 

1,423,474

 

 

 

1,124,588

 

 

Total liabilities

 

 

55,255,577

 

 

 

54,409,807

 

 

 

52,020,426

 

 

 

 

 

 

 

 

 

 

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 170,141,492, 170,097,791, and 169,383,758; outstanding 145,486,634, 145,442,933, and 145,010,086

 

 

170,141

 

 

 

170,098

 

 

 

169,384

 

 

Additional paid-in capital

 

 

3,920,346

 

 

 

3,916,729

 

 

 

3,894,109

 

 

Treasury stock, at cost – 24,654,858, 24,654,858, and 24,373,672 shares

 

 

(944,484

)

 

 

(944,484

)

 

 

(931,497

)

 

Accumulated other comprehensive income (loss), net

 

 

(1,442,117

)

 

 

(1,534,314

)

 

 

(82,321

)

 

Retained earnings

 

 

2,234,770

 

 

 

2,084,541

 

 

 

1,709,980

 

 

Total shareholders’ equity

 

 

4,475,801

 

 

 

4,229,715

 

 

 

5,296,800

 

 

Total liabilities and shareholders' equity

 

$

59,731,378

 

 

$

58,639,522

 

 

$

57,317,226

 

Synovus

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands)

Average

Balance

 

Interest

 

Yield/

Rate

 

Average

Balance

 

Interest

 

Yield/

Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (1) (2) (3)

$

32,402,218

 

 

$

1,448,463

 

4.47

%

 

$

29,630,598

 

 

$

1,150,835

 

3.88

%

Consumer loans (1) (2)

 

8,823,424

 

 

 

361,524

 

4.10

 

 

 

8,520,247

 

 

 

334,917

 

3.93

 

Less: Allowance for loan losses

 

(421,506

)

 

 

 

 

 

 

(537,324

)

 

 

 

 

Loans, net

 

40,804,136

 

 

 

1,809,987

 

4.44

 

 

 

37,613,521

 

 

 

1,485,752

 

3.95

 

Investment securities available for sale

 

11,208,886

 

 

 

209,951

 

1.87

 

 

 

9,603,343

 

 

 

140,077

 

1.46

 

Trading account assets

 

13,374

 

 

 

261

 

1.95

 

 

 

5,613

 

 

 

87

 

1.55

 

Other earning assets(4)

 

1,220,653

 

 

 

18,756

 

1.52

 

 

 

3,002,110

 

 

 

3,912

 

0.13

 

FHLB and Federal Reserve Bank stock

 

214,289

 

 

 

6,722

 

3.14

 

 

 

159,176

 

 

 

2,891

 

1.82

 

Mortgage loans held for sale

 

75,325

 

 

 

3,353

 

4.45

 

 

 

203,840

 

 

 

5,935

 

2.91

 

Other loans held for sale

 

682,961

 

 

 

30,684

 

4.43

 

 

 

580,162

 

 

 

17,874

 

3.04

 

Total interest earning assets

 

54,219,624

 

 

$

2,079,714

 

3.84

%

 

 

51,167,765

 

 

$

1,656,528

 

3.24

%

Cash and due from banks

 

574,250

 

 

 

 

 

 

 

561,170

 

 

 

 

 

Premises and equipment

 

385,622

 

 

 

 

 

 

 

445,333

 

 

 

 

 

Other real estate

 

6,356

 

 

 

 

 

 

 

1,522

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,078,653

 

 

 

 

 

 

 

1,058,966

 

 

 

 

 

Other assets(5)

 

1,345,568

 

 

 

 

 

 

 

2,133,725

 

 

 

 

 

Total assets

$

57,610,073

 

 

 

 

 

 

$

55,368,481

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

9,027,636

 

 

$

25,912

 

0.29

%

 

$

8,701,078

 

 

$

9,844

 

0.11

%

Money market accounts

 

15,385,765

 

 

 

79,567

 

0.52

 

 

 

15,607,034

 

 

 

27,556

 

0.18

 

Savings deposits

 

1,481,372

 

 

 

399

 

0.03

 

 

 

1,335,269

 

 

 

229

 

0.02

 

Time deposits

 

2,667,101

 

 

 

13,902

 

0.52

 

 

 

3,630,401

 

 

 

18,107

 

0.50

 

Brokered deposits

 

3,644,957

 

 

 

67,452

 

1.85

 

 

 

3,028,797

 

 

 

19,183

 

0.63

 

Federal funds purchased and securities sold under repurchase agreements

 

205,753

 

 

 

1,308

 

0.63

 

 

 

210,949

 

 

 

128

 

0.06

 

Other short-term borrowings

 

466,254

 

 

 

10,945

 

2.32

 

 

 

8

 

 

 

 

 

Long-term debt

 

1,999,595

 

 

 

79,402

 

3.95

 

 

 

1,203,282

 

 

 

45,349

 

3.77

 

Total interest-bearing liabilities

 

34,878,433

 

 

$

278,887

 

0.78

%

 

 

33,716,818

 

 

$

120,396

 

0.35

%

Non-interest-bearing demand deposits

 

16,731,967

 

 

 

 

 

 

 

15,304,120

 

 

 

 

 

Other liabilities

 

1,298,972

 

 

 

 

 

 

 

1,135,565

 

 

 

 

 

Shareholders' equity

 

4,700,701

 

 

 

 

 

 

 

5,211,978

 

 

 

 

 

Total liabilities and shareholders' equity

$

57,610,073

 

 

 

 

 

 

$

55,368,481

 

 

 

 

 

Net interest income, taxable equivalent net interest margin (6)

 

 

$

1,800,827

 

3.34

%

 

 

 

$

1,536,132

 

3.01

%

Less: taxable-equivalent adjustment

 

 

 

3,927

 

 

 

 

 

 

3,185

 

 

Net interest income

 

 

$

1,796,900

 

 

 

 

 

$

1,532,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Average loans are shown net of deferred fees and costs. NPLs are included.

(2) Interest income includes net loan fees as follows: 2022 — $57.3 million and 2021 — $115.5 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 $(985.6) million and $46.0 million for the years ended December 31, 2022 and 2021, respectively.

(6) The net interest margin is calculated by dividing net interest income-taxable equivalent by average total interest earning assets.

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter 2022

 

Third Quarter 2022

 

Fourth Quarter 2021

(dollars in thousands)

Average Balance

 

Interest

 

Yield/

Rate

 

Average Balance

 

Interest

 

Yield/

Rate

 

Average Balance

 

Interest

 

Yield/

Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (1) (2) (3)

$

34,103,384

 

 

$

474,439

 

5.52

%

 

$

32,836,799

 

 

$

384,995

 

4.65

%

 

$

29,685,875

 

 

$

286,513

 

3.83

%

Consumer loans (1) (2)

 

9,041,520

 

 

 

101,905

 

4.50

 

 

 

8,931,573

 

 

 

94,425

 

4.21

 

 

 

8,679,722

 

 

 

83,836

 

3.85

 

Less: Allowance for loan losses

 

(427,525

)

 

 

 

 

 

 

(419,160

)

 

 

 

 

 

 

(474,972

)

 

 

 

 

Loans, net

 

42,717,379

 

 

 

576,344

 

5.36

 

 

 

41,349,212

 

 

 

479,420

 

4.60

 

 

 

37,890,625

 

 

 

370,349

 

3.88

 

Investment securities available for sale

 

11,296,449

 

 

 

58,840

 

2.09

 

 

 

11,126,705

 

 

 

53,550

 

1.93

 

 

 

10,884,571

 

 

 

41,447

 

1.52

 

Trading account assets

 

15,552

 

 

 

68

 

1.75

 

 

 

16,771

 

 

 

81

 

1.93

 

 

 

11,280

 

 

 

42

 

1.50

 

Other earning assets(4)

 

1,148,099

 

 

 

10,490

 

3.58

 

 

 

1,012,717

 

 

 

5,791

 

2.24

 

 

 

3,186,271

 

 

 

1,208

 

0.15

 

FHLB and Federal Reserve Bank stock

 

270,822

 

 

 

2,805

 

4.14

 

 

 

244,879

 

 

 

1,412

 

2.31

 

 

 

159,933

 

 

 

919

 

2.30

 

Mortgage loans held for sale

 

46,240

 

 

 

688

 

5.95

 

 

 

66,601

 

 

 

862

 

5.18

 

 

 

130,786

 

 

 

1,009

 

3.09

 

Other loans held for sale

 

514,811

 

 

 

6,550

 

4.98

 

 

 

892,805

 

 

 

11,155

 

4.89

 

 

 

518,992

 

 

 

4,189

 

3.16

 

Total interest earning assets

 

56,009,352

 

 

$

655,785

 

4.65

%

 

 

54,709,690

 

 

$

552,271

 

4.01

%

 

 

52,782,458

 

 

$

419,163

 

3.16

%

Cash and due from banks

 

651,189

 

 

 

 

 

 

 

557,537

 

 

 

 

 

 

 

541,788

 

 

 

 

 

Premises and equipment

 

375,352

 

 

 

 

 

 

 

383,189

 

 

 

 

 

 

 

421,577

 

 

 

 

 

Other real estate

 

 

 

 

 

 

 

 

2,398

 

 

 

 

 

 

 

1,351

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,085,394

 

 

 

 

 

 

 

1,080,914

 

 

 

 

 

 

 

1,067,004

 

 

 

 

 

Other assets(5)

 

842,130

 

 

 

 

 

 

 

1,322,251

 

 

 

 

 

 

 

2,097,751

 

 

 

 

 

Total assets

$

58,963,417

 

 

 

 

 

 

$

58,055,979

 

 

 

 

 

 

$

56,911,929

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

8,627,386

 

 

$

14,160

 

0.65

%

 

$

8,436,922

 

 

$

5,782

 

0.27

%

 

$

9,165,054

 

 

$

2,238

 

0.10

%

Money market accounts

 

14,771,308

 

 

 

46,671

 

1.25

 

 

 

15,411,450

 

 

 

20,696

 

0.53

 

 

 

15,998,203

 

 

 

5,562

 

0.14

 

Savings deposits

 

1,450,153

 

 

 

176

 

0.05

 

 

 

1,508,312

 

 

 

84

 

0.02

 

 

 

1,408,858

 

 

 

65

 

0.02

 

Time deposits

 

2,567,979

 

 

 

7,648

 

1.18

 

 

 

2,270,163

 

 

 

2,428

 

0.42

 

 

 

3,163,062

 

 

 

2,600

 

0.33

 

Brokered deposits

 

4,986,542

 

 

 

39,500

 

3.14

 

 

 

3,899,669

 

 

 

17,927

 

1.82

 

 

 

2,836,841

 

 

 

3,979

 

0.56

 

Federal funds purchased and securities sold under repurchase agreements

 

141,707

 

 

 

437

 

1.21

 

 

 

240,412

 

 

 

641

 

1.04

 

 

 

227,664

 

 

 

24

 

0.04

 

Other short-term borrowings

 

660,295

 

 

 

6,383

 

3.78

 

 

 

709,078

 

 

 

3,666

 

2.02

 

 

 

32

 

 

 

 

 

Long-term debt

 

3,446,306

 

 

 

38,333

 

4.39

 

 

 

2,656,939

 

 

 

22,156

 

3.29

 

 

 

1,203,959

 

 

 

11,498

 

3.82

 

Total interest-bearing liabilities

 

36,651,676

 

 

$

153,308

 

1.60

%

 

 

35,132,945

 

 

$

73,380

 

0.81

%

 

 

34,003,673

 

 

$

25,966

 

0.30

%

Non-interest-bearing demand deposits

 

16,569,275

 

 

 

 

 

 

 

16,904,353

 

 

 

 

 

 

 

16,545,203

 

 

 

 

 

Other liabilities

 

1,462,394

 

 

 

 

 

 

 

1,340,020

 

 

 

 

 

 

 

1,095,080

 

 

 

 

 

Shareholders' equity

 

4,280,072

 

 

 

 

 

 

 

4,678,661

 

 

 

 

 

 

 

5,267,973

 

 

 

 

 

Total liabilities and shareholders' equity

$

58,963,417

 

 

 

 

 

 

$

58,055,979

 

 

 

 

 

 

$

56,911,929

 

 

 

 

 

Net interest income, taxable equivalent net interest margin (6)

 

 

$

502,477

 

3.60

%

 

 

 

$

478,891

 

3.49

%

 

 

 

$

393,197

 

2.96

%

Less: taxable-equivalent adjustment

 

 

 

1,131

 

 

 

 

 

 

972

 

 

 

 

 

 

884

 

 

Net interest income

 

 

$

501,346

 

 

 

 

 

$

477,919

 

 

 

 

 

$

392,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Average loans are shown net of deferred fees and costs. NPLs are included.

(2) Interest income includes net loan fees as follows: Fourth Quarter 2022 — $11.7 million, Third Quarter 2022 — $11.9 million, and Fourth Quarter 2021 — $24.7 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 $(1.69) billion, $(1.06) billion, and $(34.2) million for the Fourth Quarter 2022, Third Quarter 2022, and Fourth 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)

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Loan Type

 

Total Loans

December 31, 2022

 

Total Loans

September 30, 2022

 

Linked Quarter

% Change

 

Total Loans

December 31, 2021

 

Year/Year

% Change

Commercial, Financial, and Agricultural

 

$

13,874,416

 

$

13,254,966

 

5

%

 

$

12,147,858

 

14

%

Owner-Occupied

 

 

8,192,240

 

 

7,957,550

 

3

 

 

 

7,475,066

 

10

 

Total Commercial & Industrial

 

 

22,066,656

 

 

21,212,516

 

4

 

 

 

19,622,924

 

12

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

 

 

3,134,571

 

 

2,949,172

 

6

 

 

 

2,129,424

 

47

 

Hotels

 

 

1,708,194

 

 

1,712,016

 

 

 

 

1,537,060

 

11

 

Office Buildings

 

 

3,011,911

 

 

2,945,771

 

2

 

 

 

2,511,058

 

20

 

Shopping Centers

 

 

1,403,928

 

 

1,441,385

 

(3

)

 

 

1,655,465

 

(15

)

Warehouses

 

 

1,035,152

 

 

943,961

 

10

 

 

 

801,639

 

29

 

Other Investment Property

 

 

1,350,291

 

 

1,246,099

 

8

 

 

 

1,268,130

 

6

 

Total Investment Properties

 

 

11,644,047

 

 

11,238,404

 

4

 

 

 

9,902,776

 

18

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

 

229,263

 

 

249,840

 

(8

)

 

 

206,881

 

11

 

1-4 Family Investment Mortgage

 

 

387,670

 

 

389,787

 

(1

)

 

 

438,588

 

(12

)

Total 1-4 Family Properties

 

 

616,933

 

 

639,627

 

(4

)

 

 

645,469

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

Commercial Development

 

 

79,889

 

 

92,159

 

(13

)

 

 

102,790

 

(22

)

Residential Development

 

 

108,661

 

 

119,019

 

(9

)

 

 

171,820

 

(37

)

Land Acquisition

 

 

200,783

 

 

198,756

 

1

 

 

 

192,256

 

4

 

Land and Development

 

 

389,333

 

 

409,934

 

(5

)

 

 

466,866

 

(17

)

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

 

12,650,313

 

 

12,287,965

 

3

 

 

 

11,015,111

 

15

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Mortgages

 

 

5,214,443

 

 

5,166,928

 

1

 

 

 

5,068,998

 

3

 

Home Equity Lines

 

 

1,757,038

 

 

1,708,246

 

3

 

 

 

1,361,419

 

29

 

Credit Cards

 

 

203,612

 

 

197,978

 

3

 

 

 

204,172

 

 

Other Consumer Loans

 

 

1,824,291

 

 

1,997,825

 

(9

)

 

 

2,039,334

 

(11

)

Total Consumer

 

 

8,999,384

 

 

9,070,977

 

(1

)

 

 

8,673,923

 

4

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

43,716,353

 

$

42,571,458

 

3

%

 

$

39,311,958

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS COMPOSITION

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Loan Type

 

Total

Non-performing Loans

December 31, 2022

 

Total

Non-performing Loans

September 30, 2022

 

Linked Quarter

% Change

 

Total

Non-performing Loans

December 31, 2021

 

Year/Year

% Change

Commercial, Financial, and Agricultural

 

$

59,307

 

$

59,275

 

%

 

$

61,787

 

(4

)%

Owner-Occupied

 

 

10,104

 

 

8,433

 

20

 

 

 

11,196

 

(10

)

Total Commercial & Industrial

 

 

69,411

 

 

67,708

 

3

 

 

 

72,983

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

 

 

1,857

 

 

2,550

 

(27

)

 

 

2,380

 

(22

)

Office Buildings

 

 

309

 

 

884

 

(65

)

 

 

1,615

 

(81

)

Shopping Centers

 

 

735

 

 

742

 

(1

)

 

 

915

 

(20

)

Warehouses

 

 

223

 

 

223

 

 

 

 

223

 

 

Other Investment Property

 

 

349

 

 

641

 

(46

)

 

 

717

 

(51

)

Total Investment Properties

 

 

3,473

 

 

5,040

 

(31

)

 

 

5,850

 

(41

)

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

 

55

 

 

55

 

 

 

 

55

 

 

1-4 Family Investment Mortgage

 

 

3,067

 

 

3,036

 

1

 

 

 

4,508

 

(32

)

Total 1-4 Family Properties

 

 

3,122

 

 

3,091

 

1

 

 

 

4,563

 

(32

)

 

 

 

 

 

 

 

 

 

 

 

Commercial Development

 

 

 

 

422

 

(100

)

 

 

449

 

(100

)

Residential Development

 

 

267

 

 

267

 

 

 

 

446

 

(40

)

Land Acquisition

 

 

891

 

 

980

 

(9

)

 

 

1,023

 

(13

)

Land and Development

 

 

1,158

 

 

1,669

 

(31

)

 

 

1,918

 

(40

)

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

 

7,753

 

 

9,800

 

(21

)

 

 

12,331

 

(37

)

 

 

 

 

 

 

 

 

 

 

 

Consumer Mortgages

 

 

36,847

 

 

32,527

 

13

 

 

 

29,078

 

27

 

Home Equity Lines

 

 

6,830

 

 

7,121

 

(4

)

 

 

9,773

 

(30

)

Other Consumer Loans

 

 

7,220

 

 

4,938

 

46

 

 

 

6,877

 

5

 

Total Consumer

 

 

50,897

 

 

44,586

 

14

 

 

 

45,728

 

11

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

128,061

 

$

122,094

 

5

%

 

$

131,042

 

(2

)%

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

2022

 

2021

 

Fourth Quarter

 

 

 

Fourth

 

Third

 

Second

 

First

 

Fourth

 

22 vs '21

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Loans (NPL)

 

$

128,061

 

 

122,094

 

109,024

 

132,131

 

131,042

 

(2

)%

 

Impaired Loans Held for Sale

 

 

 

 

447

 

 

 

 

nm

 

 

Other Real Estate and Other Assets

 

 

15,320

 

 

15,320

 

26,759

 

26,759

 

27,137

 

(44

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Assets (NPAs)

 

 

143,381

 

 

137,861

 

135,783

 

158,890

 

158,179

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses (ALL)

 

 

443,424

 

 

421,359

 

407,837

 

414,956

 

427,597

 

4

 

 

Reserve for Unfunded Commitments

 

 

57,455

 

 

57,936

 

50,559

 

47,317

 

41,885

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses (ACL)

 

 

500,879

 

 

479,295

 

458,396

 

462,273

 

469,482

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

 

13,300

 

 

4,682

 

16,565

 

18,609

 

10,522

 

 

 

Net Charge-Offs - YTD

 

 

53,156

 

 

39,856

 

35,174

 

18,609

 

77,788

 

 

 

Net Charge-Offs / Average Loans - Quarter (1)

 

 

0.12

%

 

0.04

 

0.16

 

0.19

 

0.11

 

 

 

Net Charge-Offs / Average Loans - YTD (1)

 

 

0.13

 

 

0.13

 

0.18

 

0.19

 

0.20

 

 

 

NPLs / Loans

 

 

0.29

 

 

0.29

 

0.26

 

0.33

 

0.33

 

 

 

NPAs / Loans, ORE and specific other assets

 

 

0.33

 

 

0.32

 

0.33

 

0.40

 

0.40

 

 

 

ACL/Loans

 

 

1.15

 

 

1.13

 

1.11

 

1.15

 

1.19

 

 

 

ALL/Loans

 

 

1.01

 

 

0.99

 

0.99

 

1.03

 

1.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACL/NPLs

 

 

391.13

 

 

392.56

 

420.45

 

349.86

 

358.27

 

 

 

ALL/NPLs

 

 

346.26

 

 

345.11

 

374.08

 

314.05

 

326.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days and Still Accruing

 

$

3,373

 

 

3,443

 

2,251

 

3,067

 

6,770

 

(50

)

 

As a Percentage of Loans Outstanding

 

 

0.01

%

 

0.01

 

0.01

 

0.01

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Due Loans and Still Accruing

 

$

65,568

 

 

63,545

 

56,160

 

45,385

 

57,565

 

14

 

 

As a Percentage of Loans Outstanding

 

 

0.15

%

 

0.15

 

0.14

 

0.11

 

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accruing Troubled Debt Restructurings (TDRs)

 

$

146,840

 

 

118,755

 

164,101

 

145,957

 

119,804

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Ratio is annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CAPITAL INFORMATION (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

2022

 

September 30,

2022

 

December 31,

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

 

$

5,463,338

 

 

5,306,324

 

4,925,763

 

 

 

 

 

 

 

Total Risk-Based Capital

 

 

6,415,680

 

 

6,237,082

 

5,827,196

 

 

 

 

 

 

 

Common Equity Tier 1 Capital Ratio

 

 

9.63

%

 

9.52

 

9.50

 

 

 

 

 

 

 

Tier 1 Capital Ratio

 

 

10.68

 

 

10.59

 

10.66

 

 

 

 

 

 

 

Total Risk-Based Capital Ratio

 

 

12.54

 

 

12.45

 

12.61

 

 

 

 

 

 

 

Tier 1 Leverage Ratio

 

 

9.07

 

 

9.04

 

8.72

 

 

 

 

 

 

 

Total Shareholders’ Equity to Total Assets Ratio

 

 

7.49

 

 

7.21

 

9.24

 

 

 

 

 

 

 

Tangible Common Equity Ratio(2)(4)

 

 

5.84

 

 

5.52

 

7.52

 

 

 

 

 

 

 

Book Value Per Common Share(3)

 

$

27.07

 

 

25.39

 

32.82

 

 

 

 

 

 

 

Tangible Book Value Per Common Share(2)

 

 

23.78

 

 

22.08

 

29.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

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