Diluted Earnings per Share of $1.31 vs.
$1.21 in 3Q21
Adjusted Diluted Earnings per Share of $1.35
vs. $1.20 in 3Q21
Synovus Financial Corp. (NYSE: SNV) today reported financial
results for the quarter and year ended December 31, 2021.
2021 Highlights
- Net income available to common shareholders for 2021 was $727.3
million or $4.90 per diluted share as compared to $340.5 million or
$2.30 per diluted share for 2020.
- Adjusted earnings per diluted share for 2021 were $4.95 as
compared to $2.41 for 2020, an increase of 106%.
- Period-end loan growth of $2.9 billion or 8% excluding Paycheck
Protection Program (PPP) loans.
- Processed and approved $1.0 billion in Round 2 PPP loans,
supporting approximately 11,000 customers.
- Period-end deposit growth of $2.7 billion or 6%.
- Core transaction deposits (non-interest bearing, interest
bearing demand, NOW/savings, and money market deposits excluding
public and brokered funds) increased $5.1 billion or 16%.
- Cost of deposits decreased 16 basis points to 0.12% in the
fourth quarter of 2021 as compared to the fourth quarter of
2020.
- Non-interest revenue, excluding securities gains, increased
$23.3 million or 5% year over year, reflecting strong growth in
core banking fees and wealth revenue, offset by the normalization
of net mortgage revenue.
- Well capitalized with preliminary year-end ratios of 9.49% for
CET1 and 12.60% for total risk-based capital.
- Completed share repurchases totaling $200 million, reducing
outstanding shares by 4.4 million, or 3% from the prior year.
- Allowance for Credit Losses (ACL) decreased $184.0 million, and
the ACL ratio decreased 52 basis points to 1.19%, or 1.21%
excluding PPP loans, primarily due to a continued positive shift in
the economic outlook.
- Achieved pre-tax run rate benefit of approximately $110 million
from Synovus Forward initiatives, driving positive operating
leverage, ahead of schedule; remain on track for expected
cumulative $175 million pre-tax benefit by the end of 2022.
- Implemented executive succession plan with Kessel Stelling
moving into the role of Executive Chairman and Kevin Blair becoming
President and CEO in April 2021.
Fourth Quarter 2021 Highlights
- Net income available to common shareholders was $192.1 million
or $1.31 per diluted share as compared to $178.5 million or $1.21
in the prior quarter.
- Adjusted earnings per diluted share of $1.35, up 12% quarter
over quarter and 25% year over year.
- Period-end loan growth of $1.4 billion or 4% quarter over
quarter, excluding the reduction in PPP loans.
- PPP loans declined $382.6 million quarter over quarter.
- Period-end deposit growth of $1.7 billion or 4% from the third
quarter.
- Core transaction deposits increased $1.3 billion or 4% quarter
over quarter.
- Net interest income of $392.3 million an increase of 2% quarter
over quarter.
- Growth in core loans and securities portfolio offset reduction
in PPP fee accretion of $8.6 million quarter over quarter.
- Non-interest revenue of 117.1 million, an increase of 2% from
third quarter.
- Continued growth in wealth revenue and a one-time $8 million
BOLI benefit in the fourth quarter were offset by a reduction in
net mortgage revenue.
- Non-interest expense of $295.2 million, an increase of $28.2
million from the third quarter.
- Adjusted non-interest expense of $285.6 million increased $18.5
million quarter over quarter due to recurring expense increases
such as investments in Synovus Forward initiatives as well as other
expense increases not expected to recur including a seed gift into
a newly established donor advised fund and environment-driven
health care costs.
- Credit quality metrics experienced broad based improvement.
- Key metrics include a quarter-end non-performing loan ratio of
0.33%, non-performing asset ratio of 0.40% and a quarterly net
charge-off ratio of 0.11%.
Fourth Quarter Summary
Reported
Adjusted
(dollars in thousands)
4Q21
3Q21
4Q20
4Q21
3Q21
4Q20
Net income available to common
shareholders
$
192,110
$
178,482
$
142,118
$
198,373
$
177,760
$
160,618
Diluted earnings per share
1.31
1.21
0.96
1.35
1.20
1.08
Total loans
39,311,958
38,341,030
38,252,984
N/A
N/A
N/A
Total deposits
49,427,276
47,688,419
46,691,571
N/A
N/A
N/A
Total TE(1) revenue
510,265
500,608
501,514
509,040
499,743
497,342
Return on avg assets
1.40
%
1.34
%
1.11
%
1.44
%
1.33
%
1.25
%
Return on avg common equity
16.11
14.96
12.31
16.64
14.90
13.91
Return on avg tangible common equity
18.14
16.85
14.00
18.72
16.79
15.79
Net interest margin
2.96
3.01
3.12
N/A
N/A
N/A
Efficiency ratio
57.85
53.34
60.32
55.64
52.96
54.43
Net charge-off ratio
0.11
0.22
0.23
N/A
N/A
N/A
NPA ratio
0.40
0.45
0.50
N/A
N/A
N/A
(1)Taxable equivalent
“Our team closed out a strong 2021 as fourth quarter results
showed sustained momentum headlined by broad-based loan growth
during the quarter, and earnings per share of $1.31, which is up
37% from the fourth quarter 2020,” said Synovus President and CEO
Kevin Blair. “2021 was another challenging year, but our teams were
able to navigate the uncertain environment to support our clients,
contribute to our communities and deliver for our shareholders.
Driven by record levels of loan production, continued growth in our
fee income businesses and disciplined expense management, we
generated 6% growth in adjusted pre-provision net revenue in 2021.
Momentum as we enter 2022 is strong; coupled with the strategic
investments we are making in talent and technology, we are
extremely well-positioned to deliver outsized growth this year and
in years to come.”
Balance Sheet
Loans*
(dollars in millions)
4Q21
3Q21
Linked Quarter Change
Linked Quarter %
Change
4Q20
Year/Year Change
Year/Year % Change
Commercial & industrial
$
19,561.2
$
18,934.8
$
626.4
3
%
$
19,520.2
$
41.0
—
%
Commercial real estate
10,981.5
10,540.3
441.2
4
10,325.7
655.8
6
Consumer
8,769.3
8,866.0
(96.7
)
(1
)
8,407.1
362.2
4
Total loans
$
39,312.0
$
38,341.0
$
970.9
3
%
$
38,253.0
$
1,059.0
3
%
* Amounts may not total due to
rounding
- Total loans ended the quarter at $39.3 billion, up $1.0 billion
or 3% quarter over quarter.
- Loan growth, excluding PPP loans, was $1.4 billion or 4%
quarter over quarter.
- Second consecutive quarter of record commercial loan
production.
- Commercial and industrial (C&I) loans increased $626.4
million or 3% from the prior quarter.
- C&I line utilization increased approximately 340 basis
points to 43%.
- Commercial real estate (CRE) loans increased by $441.2 million
or 4% from the prior quarter as pay-off and pay-down activity
normalized.
- Consumer loans decreased by $96.7 million or 1%
sequentially.
Deposits*
(dollars in millions)
4Q21
3Q21
Linked Quarter Change
Linked Quarter %
Change
4Q20
Year/Year Change
Year/Year % Change
Non-interest-bearing DDA
$
15,242.8
$
14,832.9
$
409.9
3
%
$
12,382.7
$
2,860.1
23
%
Interest-bearing DDA
6,347.0
6,056.0
291.0
5
5,674.4
672.5
12
Money market
14,886.4
14,267.4
619.0
4
13,541.2
1,345.2
10
Savings
1,404.4
1,380.4
24.0
2
1,156.2
248.2
21
Public funds
6,284.6
5,791.6
493.0
9
6,760.6
(476.1
)
(7
)
Time deposits
2,427.1
2,579.3
(152.3
)
(6
)
3,605.9
(1,178.9
)
(33
)
Brokered deposits
2,835.0
2,780.7
54.3
2
3,570.4
(735.4
)
(21
)
Total deposits
$
49,427.3
$
47,688.4
$
1,738.9
4
%
$
46,691.6
$
2,735.7
6
%
* Amounts may not total due to
rounding
- Total deposits ended the quarter at $49.4 billion, an increase
of $1.7 billion or 4% sequentially.
- Core transaction deposits increased $1.3 billion or 4% from the
prior quarter.
- Strong seasonal inflows supported a $493.0 million increase in
public funds compared to the third quarter.
- Total deposit costs declined 1 basis point from the third
quarter to 12 basis points.
Income Statement Summary*
(in thousands, except per share data)
4Q21
3Q21
Linked Quarter Change
Linked Quarter %
Change
4Q20
Year/Year Change
Year/Year % Change
Net interest income
$
392,313
$
384,917
$
7,396
2
%
$
385,932
$
6,381
2
%
Non-interest revenue
117,068
114,955
2,113
2
114,761
2,307
2
Non-interest expense
295,207
267,032
28,175
11
302,498
(7,291
)
(2
)
(Reversal of) provision for credit
losses
(55,210
)
(7,868
)
(47,342
)
602
11,066
(66,276
)
nm
Income before taxes
$
269,384
$
240,708
$
28,676
12
%
$
187,129
$
82,255
44
%
Income tax expense
68,983
53,935
15,048
28
36,720
32,263
88
Preferred stock dividends
8,291
8,291
—
—
8,291
—
—
Net income available to common
shareholders
$
192,110
$
178,482
$
13,628
8
%
$
142,118
$
49,992
35
%
Weighted average common shares
outstanding, diluted
146,793
147,701
(908
)
(1
)
148,725
(1,932
)
(1
)
Diluted earnings per share
$
1.31
$
1.21
$
0.10
8
%
$
0.96
$
0.35
37
%
Adjusted diluted earnings per share
$
1.35
$
1.20
$
0.15
12
%
$
1.08
$
0.27
25
%
* Amounts may not total due to
rounding
Core Performance
- Total taxable equivalent revenue was $510.3 million in the
fourth quarter, up $9.7 million sequentially.
- Net interest income increased $7.4 million or 2% compared to
the prior quarter.
- Growth in core loans and securities portfolio offset reduction
in PPP fee accretion of $12.7 million, down $8.6 million from the
third quarter.
- Net interest margin was 2.96%, down 5 basis points from the
previous quarter.
- The margin was negatively impacted by a reduction of PPP fees
which contributed 7 basis points to the quarter over quarter
decline. This impact was offset by a 2 basis point positive impact
from non-PPP related earning assets.
- Non-interest revenue of $117.1 million increased $2.1 million
or 2% compared to third quarter 2021.
- Continued growth in wealth revenue and one-time $8 million BOLI
benefit offset declines in mortgage revenue.
- Non-interest expense increased $28.2 million or 11%
sequentially. Adjusted non-interest expense increased $18.5 million
or 7% from the prior quarter.
- The increase in adjusted non-interest expense was driven by a
combination of recurring expense increases as well as other
discrete fourth quarter expenses.
- Reversal of provision for credit losses of $55.2 million, a
$47.3 million favorable change from the previous quarter.
- Included in the provision was net charge-offs of $10.5 million
offset by a reduction in the ACL ratio to 1.19% at quarter-end, or
1.21% excluding PPP loans.
- The effective tax rate was 25.6% for the quarter.
Capital Ratios
4Q21
3Q21
4Q20
Common equity Tier 1 capital (CET1)
ratio
9.49
%
*
9.58
%
9.66
%
Tier 1 capital ratio
10.65
*
10.79
10.95
Total risk-based capital ratio
12.60
*
12.92
13.42
Tier 1 leverage ratio
8.72
*
8.78
8.50
Tangible common equity ratio
7.52
7.68
7.66
* Ratios are preliminary
Capital
- Preliminary CET1 ratio decreased 9 basis points sequentially to
9.49%.
- Capital generated from earnings was offset by strong asset
growth as well as capital deployed through dividends and share
repurchases.
- Preliminary total risk-based capital ratio of 12.60% decreased
32 basis points from the prior quarter, primarily from strong asset
growth and reduction in the allowance for credit losses.
Fourth Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30
a.m. ET on January 20, 2022. 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 Investor Day
Synovus will host an Investor Day presentation at 8:00 a.m. ET
on February 8th, 2022. 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.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $57 billion in
assets. Synovus provides commercial and retail 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, and
international banking through 279 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 growth strategy, expense and
revenue initiatives, capital management, balance sheet management,
and future profitability; 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, 2020, 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 non-interest revenue; adjusted
non-interest expense; adjusted revenue; 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 are not measures recognized under GAAP
and therefore are considered non-GAAP financial measures. The most
comparable GAAP measures to these measures are total non-interest
revenue; total non-interest expense; total TE revenue; 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 income before income taxes, 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 revenue and adjusted
non-interest revenue are measures used by management to evaluate
total TE revenue and non-interest revenue exclusive of net
investment securities gains (losses), gain on sale and changes in
the fair value of private equity investments, net, and fair value
adjustment on non-qualified deferred compensation. Adjusted
non-interest expense and the adjusted tangible efficiency ratio are
measures 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 pre-provision net
revenue is used by management to evaluate pre-tax earnings
exclusive of (reversal of) provision for credit losses, which can
vary significantly, and other items that management believes are
not indicative of ongoing operations and affect period-to-period
comparisons. The computations of these measures are set forth in
the tables below.
Reconciliation of Non-GAAP Financial
Measures
(dollars in thousands)
4Q21
3Q21
4Q20
2021
2020
Adjusted non-interest revenue
Total non-interest revenue
$
117,068
$
114,955
$
114,761
$
450,066
$
506,513
Subtract/add: Investment securities
(gains) losses, net
(230
)
(962
)
(2,337
)
799
(78,931
)
Subtract: Gain on sale and fair value
increase, net of private equity investments
—
—
(63
)
—
(4,775
)
Subtract/add: Fair value adjustment on
non-qualified deferred compensation
(995
)
97
(1,772
)
(2,816
)
(2,310
)
Adjusted non-interest revenue
$
115,843
$
114,090
$
110,589
$
448,049
$
420,497
Adjusted non-interest expense
Total non-interest expense
$
295,207
$
267,032
$
302,498
$
1,099,904
$
1,179,574
Add/subtract: Earnout liability
adjustments
—
243
—
(507
)
(4,908
)
Subtract: Goodwill impairment
—
—
—
—
(44,877
)
Subtract: Restructuring charges
(5,958
)
(319
)
(18,068
)
(7,223
)
(26,991
)
Subtract: Valuation adjustment to Visa
derivative
(2,656
)
—
(890
)
(2,656
)
(890
)
Subtract: Loss on early extinguishment of
debt
—
—
(8,409
)
—
(10,466
)
Subtract/add: Fair value adjustment on
non-qualified deferred compensation
(995
)
97
(1,772
)
(2,816
)
(2,310
)
Adjusted non-interest expense
$
285,598
$
267,053
$
273,359
$
1,086,702
$
1,089,132
Adjusted revenue and adjusted tangible
efficiency ratio
Adjusted non-interest expense
$
285,598
$
267,053
$
273,359
$
1,086,702
$
1,089,132
Subtract: Amortization of intangibles
(2,379
)
(2,379
)
(2,640
)
(9,516
)
(10,560
)
Adjusted tangible non-interest expense
$
283,219
$
264,674
$
270,719
$
1,077,186
$
1,078,572
Net interest income
$
392,313
$
384,917
$
385,932
$
1,532,947
$
1,512,748
Add: Tax equivalent adjustment
884
736
821
3,185
3,424
Add: Total non-interest revenue
117,068
114,955
114,761
450,066
506,513
Total TE revenue
510,265
500,608
501,514
1,986,198
2,022,685
Subtract/add: Investment securities
(gains) losses, net
(230
)
(962
)
(2,337
)
799
(78,931
)
Subtract: Gain on sale and fair value
increase, net of private equity investments
—
—
(63
)
—
(4,775
)
Subtract/add: Fair value adjustment on
non-qualified deferred compensation
(995
)
97
(1,772
)
(2,816
)
(2,310
)
Adjusted revenue
$
509,040
$
499,743
$
497,342
$
1,984,181
$
1,936,669
Efficiency ratio-TE
57.85
%
53.34
%
60.32
%
55.38
%
58.32
%
Adjusted tangible efficiency ratio
55.64
52.96
54.43
54.29
55.69
Reconciliation of Non-GAAP Financial
Measures, continued
(in thousands, except per share data)
4Q21
3Q21
4Q20
2021
2020
Adjusted return on average
assets
Net income
$
200,401
$
186,773
$
150,409
$
760,467
$
373,695
Subtract/add: Earnout liability
adjustments
—
(243
)
—
507
4,908
Add: Goodwill impairment
—
—
—
—
44,877
Add: Restructuring charges
5,958
319
18,068
7,223
26,991
Add: Valuation adjustment to Visa
derivative
2,656
—
890
2,656
890
Add: Loss on early extinguishment of
debt
—
—
8,409
—
10,466
Subtract/add: Investment securities
(gains) losses, net
(230
)
(962
)
(2,337
)
799
(78,931
)
Subtract: Gain on sale and fair value
increase, net of private equity investments
—
—
(63
)
—
(4,775
)
Subtract/add: Tax effect of
adjustments(1)
(2,121
)
164
(6,467
)
(2,702
)
11,748
Adjusted net income
$
206,664
$
186,051
$
168,909
$
768,950
$
389,869
Net income annualized
$
795,069
$
741,002
$
598,366
$
760,467
$
373,695
Adjusted net income annualized
$
819,917
$
738,137
$
671,964
$
768,950
$
389,869
Total average assets
$
56,911,929
$
55,326,260
$
53,833,909
$
55,368,481
$
52,138,038
Return on average assets
1.40
%
1.34
%
1.11
%
1.37
%
0.72
%
Adjusted return on average assets
1.44
1.33
1.25
1.39
0.75
Adjusted net income available to common
shareholders and adjusted net income per common share,
diluted
Net income available to common
shareholders
$
192,110
$
178,482
$
142,118
$
727,304
$
340,532
Subtract/add: Earnout liability
adjustments
—
(243
)
—
507
4,908
Add: Goodwill impairment
—
—
—
—
44,877
Add: Restructuring charges
5,958
319
18,068
7,223
26,991
Add: Valuation adjustment to Visa
derivative
2,656
—
890
2,656
890
Add: Loss on early extinguishment of
debt
—
—
8,409
—
10,466
Subtract/add: Investment securities
(gains) losses, net
(230
)
(962
)
(2,337
)
799
(78,931
)
Subtract: Gain on sale and fair value
increase, net of private equity investments
—
—
(63
)
—
(4,775
)
Subtract/add: Tax effect of
adjustments(1)
(2,121
)
164
(6,467
)
(2,702
)
11,748
Adjusted net income available to common
shareholders
$
198,373
$
177,760
$
160,618
$
735,787
$
356,706
Weighted average common shares
outstanding, diluted
146,793
147,701
148,725
148,495
148,210
Net income per common share, diluted
$
1.31
$
1.21
$
0.96
$
4.90
$
2.30
Adjusted net income per common share,
diluted
1.35
1.20
1.08
4.95
2.41
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q21
3Q21
4Q20
2021
2020
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
$
192,110
$
178,482
$
142,118
$
727,304
$
340,532
Subtract/add: Earnout liability
adjustments
—
(243
)
—
507
4,908
Add: Goodwill impairment
—
—
—
—
44,877
Add: Restructuring charges
5,958
319
18,068
7,223
26,991
Add: Valuation adjustment to Visa
derivative
2,656
—
890
2,656
890
Add: Loss on early extinguishment of
debt
—
—
8,409
—
10,466
Subtract/add: Investment securities
(gains) losses, net
(230
)
(962
)
(2,337
)
799
(78,931
)
Subtract: Gain on sale and fair value
increase, net of private equity investments
—
—
(63
)
—
(4,775
)
Subtract/add: Tax effect of
adjustments(1)
(2,121
)
164
(6,467
)
(2,702
)
11,748
Adjusted net income available to common
shareholders
$
198,373
$
177,760
$
160,618
$
735,787
$
356,706
Adjusted net income available to common
shareholders annualized
$
787,023
$
705,243
$
638,980
$
735,787
$
356,706
Add: Amortization of intangibles, tax
effected
7,050
7,050
7,782
7,108
7,825
Adjusted net income available to common
shareholders excluding amortization of intangibles annualized
$
794,073
$
712,293
$
646,762
$
742,895
$
364,531
Net income available to common
shareholders annualized
$
762,176
$
708,108
$
565,382
$
727,304
$
340,532
Add: Amortization of intangibles, tax
effected
7,050
7,050
7,782
7,108
7,825
Net income available to common
shareholders excluding amortization of intangibles annualized
$
769,226
$
715,158
$
573,164
$
734,412
$
348,357
Total average shareholders' equity less
preferred stock
$
4,730,828
$
4,734,754
$
4,594,199
$
4,674,833
$
4,534,935
Subtract: Goodwill
(452,390
)
(452,390
)
(452,390
)
(452,390
)
(485,987
)
Subtract: Other intangible assets, net
(36,805
)
(39,109
)
(46,511
)
(40,307
)
(50,427
)
Total average tangible shareholders'
equity less preferred stock
$
4,241,633
$
4,243,255
$
4,095,298
$
4,182,136
$
3,998,521
Return on average common equity
16.11
%
14.96
%
12.31
%
15.56
%
7.51
%
Adjusted return on average common
equity
16.64
14.90
13.91
15.74
7.87
Return on average tangible common
equity
18.14
16.85
14.00
17.56
8.71
Adjusted return on average tangible common
equity
18.72
16.79
15.79
17.76
9.12
Reconciliation of Non-GAAP Financial
Measures, continued
December 31,
September 30,
December 31,
(dollars in thousands)
2021
2021
2020
Tangible common equity ratio
Total assets
$
57,317,226
$
55,509,129
$
54,394,159
Subtract: Goodwill
(452,390
)
(452,390
)
(452,390
)
Subtract: Other intangible assets, net
(35,596
)
(37,975
)
(45,112
)
Tangible assets
$
56,829,240
$
55,018,764
$
53,896,657
Total shareholders’ equity
$
5,296,800
$
5,252,802
$
5,161,334
Subtract: Goodwill
(452,390
)
(452,390
)
(452,390
)
Subtract: Other intangible assets, net
(35,596
)
(37,975
)
(45,112
)
Subtract: Preferred stock, no par
value
(537,145
)
(537,145
)
(537,145
)
Tangible common equity
$
4,271,669
$
4,225,292
$
4,126,687
Total shareholders’ equity to total assets
ratio
9.24
%
9.46
%
9.49
%
Tangible common equity ratio
7.52
7.68
7.66
(dollars in thousands)
2021
2020
Adjusted pre-provision net
revenue
Taxable equivalent net interest income
$
1,536,132
$
1,516,172
Add: Adjusted non-interest revenue
448,049
420,497
Subtract: Adjusted non-interest
expense
1,086,702
1,089,132
Adjusted pre-provision net revenue
$
897,479
$
847,537
Income before income taxes
$
989,360
$
484,665
(1) An assumed marginal tax rate of 25.3%
for 2021 and 25.9% for 2020 was applied.
Synovus
INCOME STATEMENT DATA
(Unaudited)
Years Ended
(Dollars in thousands, except per share
data)
December 31,
2021
2020
% Change
Interest income
$
1,653,343
$
1,804,495
(8
) %
Interest expense
120,396
291,747
(59
)
Net interest income
1,532,947
1,512,748
1
(Reversal of) provision for credit
losses
(106,251
)
355,022
nm
Net interest income after provision for
credit losses
1,639,198
1,157,726
42
Non-interest revenue:
Service charges on deposit accounts
86,310
73,132
18
Fiduciary and asset management fees
77,147
63,251
22
Card fees
51,399
42,702
20
Brokerage revenue
56,439
44,781
26
Mortgage banking income
54,371
91,413
(41
)
Capital markets income
26,118
27,336
(4
)
Income from bank-owned life insurance
38,019
31,297
21
Investment securities (losses) gains,
net
(799
)
78,931
nm
Other non-interest revenue
61,062
53,670
14
Total non-interest revenue
450,066
506,513
(11
)
Non-interest expense:
Salaries and other personnel expense
649,426
618,214
5
Net occupancy, equipment, and software
expense
169,222
169,658
—
Third-party processing and other
services
86,688
87,992
(1
)
Professional fees
32,785
56,899
(42
)
FDIC insurance and other regulatory
fees
22,355
25,210
(11
)
Other operating expenses
139,428
221,601
(37
)
Total non-interest expense
1,099,904
1,179,574
(7
)
Income before income taxes
989,360
484,665
104
Income tax expense
228,893
110,970
106
Net income
760,467
373,695
103
Less: Preferred stock dividends
33,163
33,163
—
Net income available to common
shareholders
$
727,304
$
340,532
114
%
Net income per common share, basic
4.95
2.31
114
%
Net income per common share, diluted
4.90
2.30
113
Cash dividends declared per common
share
1.32
1.32
—
Return on average assets
1.37
%
0.72
%
65 bps
Return on average common equity
15.56
7.51
805
Weighted average common shares
outstanding, basic
147,041
147,415
—
%
Weighted average common shares
outstanding, diluted
148,495
148,210
—
nm - not meaningful
bps - basis points
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
2021
2020
Fourth Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
21 vs '20
% Change
Interest income
$
418,279
412,504
412,743
409,817
433,479
(4
) %
Interest expense
25,966
27,587
30,883
35,960
47,547
(45
)
Net interest income
392,313
384,917
381,860
373,857
385,932
2
(Reversal of) provision for credit
losses
(55,210
)
(7,868
)
(24,598
)
(18,575
)
11,066
nm
Net interest income after provision for
credit losses
447,523
392,785
406,458
392,432
374,866
19
Non-interest revenue:
Service charges on deposit accounts
22,221
22,641
21,414
20,033
19,063
17
Fiduciary and asset management fees
20,602
19,786
18,805
17,954
17,242
19
Card fees
12,861
13,238
13,304
11,996
11,743
10
Brokerage revenue
14,795
14,745
13,926
12,974
11,794
25
Mortgage banking income
7,059
11,155
13,842
22,315
24,426
(71
)
Capital markets income
7,188
8,089
3,335
7,505
4,352
65
Income from bank-owned life insurance
15,168
6,820
7,188
8,843
9,725
56
Investment securities gains (losses),
net
230
962
—
(1,990
)
2,337
nm
Other non-interest revenue
16,944
17,519
15,273
11,326
14,079
20
Total non-interest revenue
117,068
114,955
107,087
110,956
114,761
2
Non-interest expense:
Salaries and other personnel expense
167,018
160,364
160,567
161,477
153,946
8
Net occupancy, equipment, and software
expense
42,780
43,483
41,825
41,134
44,183
(3
)
Third-party processing and other
services
22,791
19,446
24,419
20,032
20,799
10
Professional fees
9,014
6,739
7,947
9,084
17,541
(49
)
FDIC insurance and other regulatory
fees
6,016
5,212
5,547
5,579
6,288
(4
)
Other operating expenses
47,588
31,788
30,226
29,828
59,741
(20
)
Total non-interest expense
295,207
267,032
270,531
267,134
302,498
(2
)
Income before income taxes
269,384
240,708
243,014
236,254
187,129
44
Income tax expense
68,983
53,935
56,814
49,161
36,720
88
Net income
200,401
186,773
186,200
187,093
150,409
33
Less: Preferred stock dividends
8,291
8,291
8,291
8,291
8,291
—
Net income available to common
shareholders
$
192,110
178,482
177,909
178,802
142,118
35
Net income per common share, basic
$
1.32
1.22
1.20
1.20
0.96
37
%
Net income per common share, diluted
1.31
1.21
1.19
1.19
0.96
37
Cash dividends declared per common
share
0.33
0.33
0.33
0.33
0.33
—
Return on average assets *
1.40
%
1.34
1.36
1.40
1.11
29 bps
Return on average common equity *
16.11
14.96
15.40
15.77
12.31
380
Weighted average common shares
outstanding, basic
145,316
146,308
148,113
148,467
147,744
(2
) %
Weighted average common shares
outstanding, diluted
146,793
147,701
149,747
149,780
148,725
(1
)
nm - not meaningful
bps - basis points
* - ratios are annualized
Synovus
BALANCE SHEET DATA
December 31, 2021
September 30, 2021
December 31, 2020
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks
$
432,925
$
483,035
$
531,579
Interest-bearing funds with Federal
Reserve Bank
2,479,006
2,103,497
3,586,565
Interest earning deposits with banks
25,535
23,261
20,944
Federal funds sold and securities
purchased under resale agreements
72,387
77,627
113,829
Cash and cash equivalents
3,009,853
2,687,420
4,252,917
Investment securities available for sale,
at fair value
10,918,329
10,481,071
7,962,438
Loans held for sale ($108,198, $152,258,
and $216,647 measured at fair value,
respectively)
750,642
550,948
760,123
Loans, net of deferred fees and costs
39,311,958
38,341,030
38,252,984
Allowance for loan losses
(427,597
)
(492,243
)
(605,736
)
Loans, net
38,884,361
37,848,787
37,647,248
Cash surrender value of bank-owned life
insurance
1,068,616
1,065,256
1,049,373
Premises, equipment, and software, net
407,241
423,933
463,959
Goodwill
452,390
452,390
452,390
Other intangible assets, net
35,596
37,975
45,112
Other assets
1,790,198
1,961,349
1,760,599
Total assets
$
57,317,226
$
55,509,129
$
54,394,159
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
16,392,653
$
15,787,882
$
13,477,854
Interest-bearing deposits
33,034,623
31,900,537
33,213,717
Total deposits
49,427,276
47,688,419
46,691,571
Federal funds purchased and securities
sold under repurchase agreements
264,133
262,548
227,922
Other short-term borrowings
197
—
7,717
Long-term debt
1,204,229
1,203,761
1,202,494
Other liabilities
1,124,591
1,101,599
1,103,121
Total liabilities
52,020,426
50,256,327
49,232,825
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 169,383,758, 169,170,589, and
168,132,522 outstanding 145,010,086, 145,483,994, and
148,039,495
169,384
169,171
168,133
Additional paid-in capital
3,892,464
3,883,289
3,851,208
Treasury stock, at cost – 24,373,672,
23,686,595, and 20,093,027 shares
(931,497
)
(898,707
)
(731,806
)
Accumulated other comprehensive (loss)
income, net
(82,321
)
(5,462
)
158,635
Retained earnings
1,711,625
1,567,366
1,178,019
Total shareholders’ equity
5,296,800
5,252,802
5,161,334
Total liabilities and shareholders'
equity
$
57,317,226
$
55,509,129
$
54,394,159
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
2021
2020
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)
$
37,644,066
$
1,470,587
3.91
%
$
38,597,852
$
1,587,606
4.11
%
Tax-exempt loans, net(1)(2)(3)
506,779
15,165
2.99
497,467
16,274
3.27
Less: Allowance for loan losses
(537,324
)
—
—
(513,743
)
—
—
Loans, net
37,613,521
1,485,752
3.95
38,581,576
1,603,880
4.16
Investment securities available for
sale
9,603,343
140,077
1.46
7,006,894
178,582
2.55
Trading account assets
5,613
87
1.55
6,593
121
1.84
Other earning assets(4)
3,002,110
3,912
0.13
1,588,150
3,185
0.20
FHLB and Federal Reserve Bank stock
159,176
2,891
1.82
223,606
7,073
3.16
Mortgage loans held for sale
203,840
5,935
2.91
215,788
6,412
2.97
Other loans held for sale
580,162
17,874
3.04
265,764
8,666
3.21
Total interest earning assets
51,167,765
$
1,656,528
3.24
%
47,888,371
$
1,807,919
3.78
%
Cash and due from banks
561,170
531,963
Premises and equipment
445,333
481,371
Other real estate
1,522
9,740
Cash surrender value of bank-owned life
insurance
1,058,966
1,003,560
Other assets(5)
2,133,725
2,223,033
Total assets
$
55,368,481
$
52,138,038
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
8,701,078
$
9,844
0.11
%
$
7,510,429
$
19,034
0.25
%
Money market accounts
17,496,230
31,391
0.18
14,690,298
72,312
0.49
Savings deposits
1,335,269
229
0.02
1,056,777
247
0.02
Time deposits
4,770,002
33,455
0.70
7,853,325
126,184
1.61
Federal funds purchased and securities
sold under repurchase agreements
210,949
128
0.06
192,967
274
0.14
Other short-term borrowings
—
—
—
492,697
7,643
1.53
Long-term debt
1,203,282
45,349
3.77
2,322,717
66,053
2.83
Total interest-bearing liabilities
33,716,810
$
120,396
0.35
%
34,119,210
$
291,747
0.84
%
Non-interest-bearing demand deposits
15,304,120
11,925,114
Other liabilities
1,135,573
1,021,633
Shareholders' equity
5,211,978
5,072,081
Total liabilities and shareholders'
equity
$
55,368,481
$
52,138,038
Net interest income, taxable equivalent
net interest margin (6)
$
1,536,132
3.01
%
$
1,516,172
3.18
%
Less: taxable-equivalent adjustment
3,185
3,424
Net interest income
$
1,532,947
$
1,512,748
1.
Average loans are shown net of deferred
fees and costs. NPLs are included.
2.
Interest income includes net loan fees as
follows: 2021 — $115.5 million and 2020 — $76.1 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 $46.0
million and $197.5 million for the years ended December 31, 2021
and 2020, respectively.
6.
The net interest margin is calculated by
dividing net interest income-TE by average total interest earning
assets.
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Fourth Quarter 2021
Third Quarter 2021
Fourth Quarter 2020
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)
$
37,820,821
$
366,141
3.86
%
$
37,055,648
$
366,554
3.84
%
$
38,379,396
$
383,766
4.04
%
Tax-exempt loans, net(1)(2)(3)
544,776
4,208
3.06
478,485
3,505
2.91
505,155
3,908
3.08
Less: Allowance for loan losses
(474,972
)
—
—
(514,828
)
—
—
(595,547
)
—
—
Loans, net
37,890,625
370,349
3.88
37,019,305
370,059
3.97
38,289,004
387,674
4.03
Investment securities available for
sale
10,884,571
41,447
1.52
9,876,651
35,876
1.45
7,493,822
38,792
2.07
Trading account assets
11,280
42
1.50
5,192
15
1.15
8,496
22
1.03
Other earning assets(4)
3,186,271
1,208
0.15
3,271,501
1,247
0.15
2,716,645
708
0.10
FHLB and Federal Reserve Bank stock
159,933
919
2.30
159,741
503
1.26
162,537
1,073
2.64
Mortgage loans held for sale
130,786
1,009
3.09
196,032
1,410
2.88
309,278
2,121
2.74
Other loans held for sale
518,992
4,189
3.16
527,736
4,130
3.06
544,301
3,910
2.81
Total interest earning assets
52,782,458
$
419,163
3.16
%
51,056,158
$
413,240
3.22
%
49,524,083
$
434,300
3.49
%
Cash and due from banks
541,788
611,783
529,447
Premises and equipment
421,577
447,046
468,208
Other real estate
1,351
1,513
3,878
Cash surrender value of bank-owned life
insurance
1,067,004
1,061,478
1,046,216
Other assets(5)
2,097,751
2,148,282
2,262,077
Total assets
$
56,911,929
$
55,326,260
$
53,833,909
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
9,165,054
$
2,238
0.10
%
$
8,463,325
$
2,192
0.10
%
$
8,531,415
$
3,473
0.16
%
Money market accounts
17,842,425
6,523
0.15
17,460,069
7,079
0.16
16,390,253
10,513
0.26
Savings deposits
1,408,858
65
0.02
1,377,089
60
0.02
1,147,667
43
0.01
Time deposits
4,155,681
5,618
0.54
4,420,805
6,756
0.61
6,338,533
18,078
1.13
Federal funds purchased and securities
sold under repurchase agreements
227,664
24
0.04
202,525
35
0.07
174,316
32
0.07
Other short-term borrowings
—
—
—
—
—
—
—
—
—
Long-term debt
1,203,959
11,498
3.82
1,203,500
11,465
3.81
1,552,791
15,408
3.96
Total interest-bearing liabilities
34,003,641
$
25,966
0.30
%
33,127,313
$
27,587
0.33
%
34,134,975
$
47,547
0.55
%
Non-interest-bearing demand deposits
16,545,203
15,755,929
13,566,112
Other liabilities
1,095,112
1,171,119
1,001,477
Shareholders' equity
5,267,973
5,271,899
5,131,345
Total liabilities and shareholders'
equity
$
56,911,929
$
55,326,260
$
53,833,909
Net interest income, taxable equivalent
net interest margin (6)
$
393,197
2.96
%
$
385,653
3.01
%
$
386,753
3.12
%
Less: taxable-equivalent adjustment
884
736
821
Net interest income
$
392,313
$
384,917
$
385,932
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 2021 — $24.7 million, Third Quarter 2021 —
$33.2 million, and Fourth Quarter 2020 — $9.3 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
$(34.2) million, $151.5 million, and $128.5 million for the Fourth
Quarter 2021, Third Quarter 2021, and Fourth Quarter 2020,
respectively.
6.
The net interest margin is calculated by
dividing annualized net interest income-TE by average total
interest earning assets.
Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
Total Loans
Total Loans
Linked Quarter
Total Loans
Year/Year
Loan Type
December 31, 2021
September 30, 2021
% Change
December 31, 2020
% Change
Commercial, Financial, and
Agricultural
$
12,052,475
$
11,771,037
2
%
$
12,410,152
(3
) %
Owner-Occupied
7,508,686
7,163,751
5
7,110,016
6
Total Commercial &
Industrial
19,561,161
18,934,788
3
19,520,168
—
Multi-Family
2,129,424
2,197,139
(3
)
2,190,534
(3
)
Hotels
1,537,060
1,441,414
7
1,442,242
7
Office Buildings
2,511,058
2,341,316
7
2,207,744
14
Shopping Centers
1,655,465
1,570,020
5
1,644,519
1
Warehouses
801,639
687,496
17
700,050
15
Other Investment Property
1,234,509
1,211,078
2
918,290
34
Total Investment Properties
9,869,155
9,448,463
4
9,103,379
8
1-4 Family Construction
206,881
191,906
8
182,981
13
1-4 Family Investment Mortgage
438,588
421,968
4
445,714
(2
)
Total 1-4 Family Properties
645,469
613,874
5
628,695
3
Commercial Development
102,790
103,512
(1
)
130,678
(21
)
Residential Development
171,820
186,033
(8
)
245,170
(30
)
Land Acquisition
192,256
188,378
2
217,785
(12
)
Land and Development
466,866
477,923
(2
)
593,633
(21
)
Total Commercial Real Estate
10,981,490
10,540,260
4
10,325,707
6
Consumer Mortgages
5,069,039
5,108,499
(1
)
5,513,491
(8
)
Home Equity Lines
1,281,989
1,308,254
(2
)
1,537,726
(17
)
Credit Cards
299,556
293,026
2
281,018
7
Other Consumer Loans
2,118,723
2,156,203
(2
)
1,074,874
97
Total Consumer
8,769,307
8,865,982
(1
)
8,407,109
4
Total
$
39,311,958
$
38,341,030
3
%
$
38,252,984
3
%
NON-PERFORMING LOANS
COMPOSITION
(Unaudited)
(Dollars in thousands)
Total
Non-performing Loans
Total
Non-performing Loans
Linked Quarter
Total
Non-performing Loans
Year/Year
Loan Type
December 31, 2021
September 30, 2021
% Change
December 31, 2020
% Change
Commercial, Financial, and
Agricultural
$
61,787
$
77,349
(20
) %
$
77,386
(20
) %
Owner-Occupied
11,196
13,134
(15
)
20,019
(44
)
Total Commercial &
Industrial
72,983
90,483
(19
)
97,405
(25
)
Multi-Family
2,380
2,396
(1
)
168
nm
Office Buildings
1,615
2,488
(35
)
1,134
42
Shopping Centers
915
932
(2
)
21,082
(96
)
Warehouses
223
302
(26
)
217
3
Other Investment Property
717
624
15
2,030
(65
)
Total Investment Properties
5,850
6,742
(13
)
24,631
(76
)
1-4 Family Construction
55
522
(89
)
1,236
(96
)
1-4 Family Investment Mortgage
4,508
2,364
91
2,383
89
Total 1-4 Family Properties
4,563
2,886
58
3,619
26
Commercial Development
449
463
(3
)
582
(23
)
Residential Development
446
449
(1
)
533
(16
)
Land Acquisition
1,023
1,024
—
1,048
(2
)
Land and Development
1,918
1,936
(1
)
2,163
(11
)
Total Commercial Real Estate
12,331
11,564
7
30,413
(59
)
Consumer Mortgages
29,078
37,541
(23
)
8,740
233
Home Equity Lines
9,760
8,688
12
12,145
(20
)
Other Consumer Loans
6,890
7,189
(4
)
2,376
190
Total Consumer
45,728
53,418
(14
)
23,261
97
Total
$
131,042
$
155,465
(16
) %
$
151,079
(13
) %
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2021
2020
Fourth Quarter
Fourth
Third
Second
First
Fourth
21 vs '20
Quarter
Quarter
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPL)
$
131,042
155,465
161,028
155,169
151,079
(13
) %
Impaired Loans Held for Sale
—
—
—
23,590
23,590
nm
Other Real Estate and Other Assets
27,137
16,883
16,806
16,849
17,394
56
Non-performing Assets (NPAs)
158,179
172,348
177,834
195,608
192,063
(18
)
Allowance for Loan Losses (ALL)
427,597
492,243
516,708
563,214
605,736
(29
)
Reserve for Unfunded Commitments
41,885
42,971
46,890
51,528
47,785
(12
)
Allowance for Credit Losses (ACL)
469,482
535,214
563,598
614,742
653,521
(28
)
Net Charge-Offs - Quarter
10,522
20,516
26,547
20,204
22,139
Net Charge-Offs - YTD
77,788
67,266
46,750
20,204
94,712
Net Charge-Offs / Average Loans - Quarter
(1)
0.11
%
0.22
0.28
0.21
0.23
Net Charge-Offs / Average Loans - YTD
(1)
0.20
0.24
0.24
0.21
0.24
NPLs / Loans
0.33
0.41
0.42
0.40
0.39
NPAs / Loans, ORE and specific other
assets
0.40
0.45
0.46
0.50
0.50
ACL/Loans
1.19
1.40
1.47
1.58
1.71
ALL/Loans
1.09
1.28
1.35
1.45
1.58
ACL/NPLs
358.27
344.27
350.00
396.18
432.57
ALL/NPLs
326.31
316.63
320.88
362.97
400.94
Past Due Loans over 90 days and Still
Accruing
$
6,770
5,960
4,415
3,804
4,117
64
As a Percentage of Loans Outstanding
0.02
%
0.02
0.01
0.01
0.01
Total Past Due Loans and Still
Accruing
$
57,565
60,817
49,321
45,693
47,349
22
As a Percentage of Loans Outstanding
0.15
%
0.16
0.13
0.12
0.12
Accruing Troubled Debt Restructurings
(TDRs)
$
119,804
126,055
124,528
129,776
134,972
(11
)
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION
(1)
(Unaudited)
(Dollars in thousands)
December 31, 2021
September 30, 2021
December 31, 2020
Tier 1 Capital
$
4,925,762
4,813,910
4,572,010
Total Risk-Based Capital
5,827,195
5,765,528
5,604,230
Common Equity Tier 1 Capital Ratio
9.49
%
9.58
9.66
Tier 1 Capital Ratio
10.65
10.79
10.95
Total Risk-Based Capital Ratio
12.60
12.92
13.42
Tier 1 Leverage Ratio
8.72
8.78
8.50
Common Equity as a Percentage of Total
Assets (2)
8.30
8.50
8.51
Tangible Common Equity Ratio (3)
7.52
7.68
7.66
Book Value Per Common Share (4)
$
32.82
32.41
31.24
Tangible Book Value Per Common Share
(3)
29.46
29.04
27.88
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220119006156/en/
Media Contact Alison Dowe Media Relations (706)
644-3781
Investor Contact Cal Evans Investor Relations (706)
641-6500
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