Georgia | 58-1134883 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1111 Bay Avenue | |||||||||||||||||
Suite 500, | Columbus, | Georgia | 31901 | ||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1.00 Par Value | SNV | New York Stock Exchange | ||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | SNV - PrD | New York Stock Exchange | ||||||
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | SNV - PrE | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
☐ | |||||||||||
Emerging growth company | ☐ |
Incorporated Documents | Form 10-K Reference Locations | ||||
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April | Part III |
Page | |||||
Table 1 – Capital Ratios as of December 31, 2020 | ||||||||||||||
(dollars in thousands) | Synovus | Synovus Bank | ||||||||||||
CET1 capital ratio | 9.66 | % | 11.11 | % | ||||||||||
Tier 1 risk-based capital ratio | 10.95 | 11.11 | ||||||||||||
Total risk-based capital ratio | 13.42 | 12.83 | ||||||||||||
Leverage ratio | 8.50 | 8.73 | ||||||||||||
Table 1 – Capital Ratios as of December 31, 2019 | ||||||
(dollars in thousands) | Synovus | Synovus Bank | ||||
CET1 ratio | 8.95 | % | 11.10 | % | ||
Tier 1 risk-based capital ratio | 10.23 | 11.10 | ||||
Total risk-based capital ratio | 12.25 | 11.78 | ||||
Leverage ratio | 9.16 | 9.94 | ||||
Table 2 - Stock Performance | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||
Synovus | $ | 100 | $ | 121.18 | $ | 156.03 | $ | 184.55 | $ | 125.97 | $ | 159.52 | ||||||||||||
Standard & Poor's 500 Index | 100 | 101.37 | 113.49 | 138.26 | 132.19 | 173.80 | ||||||||||||||||||
KBW Regional Bank Index | 100 | 105.99 | 147.46 | 150.13 | 123.87 | 153.43 | ||||||||||||||||||
Table 2 - Stock Performance | ||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||
Synovus | $ | 100 | $ | 128.77 | $ | 152.30 | $ | 103.96 | $ | 131.64 | $ | 116.02 | ||||||||||||||||||||||||||
Standard & Poor's 500 Index | 100 | 111.95 | 136.38 | 130.39 | 171.44 | 202.96 | ||||||||||||||||||||||||||||||||
KBW Regional Bank Index | 100 | 139.12 | 141.63 | 116.86 | 144.76 | 132.18 | ||||||||||||||||||||||||||||||||
Table 3 - Share Repurchases | |||||||||||||||
(in thousands, except per share data) | Total Number of Shares Repurchased | Average Price Paid per Share(1) | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||
October 2019 | 1,065 | $ | 34.30 | 1,065 | $ | — | |||||||||
Total | 1,065 | $ | 34.30 | 1,065 | $ | — | |||||||||
Table 4 - Selected Financial Data | |||||||||||||||||||
As Of and For The Years Ended December 31, | |||||||||||||||||||
(in thousands, except per share data) | 2019(1) | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Income Statement | |||||||||||||||||||
Total revenues | $ | 1,951,703 | $ | 1,428,506 | $ | 1,368,636 | $ | 1,172,374 | $ | 1,095,238 | |||||||||
Net interest income | 1,595,803 | 1,148,413 | 1,023,309 | 899,180 | 827,318 | ||||||||||||||
Provision for loan losses | 87,720 | 51,697 | 67,185 | 28,000 | 19,010 | ||||||||||||||
Non-interest income | 355,900 | 280,093 | 345,327 | 273,194 | 267,920 | ||||||||||||||
Non-interest expense | 1,098,968 | 829,455 | 821,313 | 755,923 | 717,655 | ||||||||||||||
Net income | 563,780 | 428,476 | 275,474 | 246,784 | 226,082 | ||||||||||||||
Preferred stock dividends and redemption charge | 22,881 | 17,998 | 10,238 | 10,238 | 10,238 | ||||||||||||||
Net income available to common shareholders | 540,899 | 410,478 | 265,236 | 236,546 | 215,844 | ||||||||||||||
Per share data | |||||||||||||||||||
Net income per common share, basic | 3.50 | 3.49 | 2.19 | 1.90 | 1.63 | ||||||||||||||
Net income per common share, diluted | 3.47 | 3.47 | 2.17 | 1.89 | 1.62 | ||||||||||||||
Cash dividends declared per common share | 1.20 | 1.00 | 0.60 | 0.48 | 0.42 | ||||||||||||||
Book value per common share | 29.93 | 25.36 | 23.85 | 22.92 | 22.19 | ||||||||||||||
Balance Sheet | |||||||||||||||||||
Investment securities available for sale | 6,778,670 | 3,991,632 | 3,987,069 | 3,718,195 | 3,587,818 | ||||||||||||||
Loans, net of deferred fees and costs | 37,162,450 | 25,946,573 | 24,787,464 | 23,856,391 | 22,429,565 | ||||||||||||||
Total assets | 48,203,282 | 32,669,192 | 31,221,837 | 30,104,002 | 28,792,653 | ||||||||||||||
Deposits | 38,405,504 | 26,720,322 | 26,147,900 | 24,648,060 | 23,242,661 | ||||||||||||||
Long-term debt | 2,153,897 | 1,657,157 | 1,606,138 | 2,160,881 | 2,136,893 | ||||||||||||||
Total shareholders’ equity | 4,941,690 | 3,133,602 | 2,961,566 | 2,927,924 | 3,000,196 | ||||||||||||||
Performance ratios and other data | |||||||||||||||||||
Return on average assets | 1.20 | % | 1.35 | % | 0.89 | % | 0.84 | % | 0.80 | % | |||||||||
Return on average equity | 11.86 | 14.29 | 9.27 | 8.40 | 7.49 | ||||||||||||||
Net interest margin | 3.70 | 3.86 | 3.55 | 3.27 | 3.19 | ||||||||||||||
Dividend payout ratio(2) | 34.61 | 28.84 | 27.60 | 25.38 | 25.93 | ||||||||||||||
Total shareholders' equity to total assets ratio | 10.25 | 9.59 | 9.49 | 9.73 | 10.42 | ||||||||||||||
Tangible common equity to tangible assets ratio(3) | 8.08 | 8.81 | 8.88 | 9.09 | 9.90 | ||||||||||||||
Weighted average common shares outstanding, basic | 154,331 | 117,644 | 121,162 | 124,389 | 132,423 | ||||||||||||||
Weighted average common shares outstanding, diluted | 156,058 | 118,378 | 122,012 | 125,078 | 133,201 | ||||||||||||||
•Adjusted total revenues(1) decline of 1% to 4% •Adjusted non-interest expense(1) decline of 2% to 5% • |
(2) Assuming no significant changes to the current tax environment |
Table 5 - Consolidated Financial Highlights | |||||||||||||||||||||||||||||||||||
Table 3 - Consolidated Financial Highlights | Table 3 - Consolidated Financial Highlights | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 2019 | 2018 | Change | (dollars in thousands, except per share data) | 2020 | 2019 | Change | ||||||||||||||||||||||||||||
Net interest income | $ | 1,595,803 | $ | 1,148,413 | 39.0 | % | Net interest income | $ | 1,512,748 | $ | 1,595,803 | (5) | % | ||||||||||||||||||||||
Provision for loan losses | 87,720 | 51,697 | 69.7 | ||||||||||||||||||||||||||||||||
Non-interest income | 355,900 | 280,093 | 27.1 | ||||||||||||||||||||||||||||||||
Adjusted non-interest income(1) | 351,952 | 286,132 | 23.0 | ||||||||||||||||||||||||||||||||
Total revenues | 1,951,703 | 1,428,506 | 36.6 | ||||||||||||||||||||||||||||||||
Adjusted total revenues(1) | 1,950,780 | 1,435,098 | 35.9 | ||||||||||||||||||||||||||||||||
Provision for credit losses(1) | Provision for credit losses(1) | 355,022 | 87,720 | 305 | |||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 506,513 | 355,900 | 42 | |||||||||||||||||||||||||||||||
Adjusted non-interest revenue(2) | Adjusted non-interest revenue(2) | 422,807 | 351,952 | 20 | |||||||||||||||||||||||||||||||
Total FTE revenues | Total FTE revenues | 2,022,685 | 1,954,728 | 3 | |||||||||||||||||||||||||||||||
Adjusted total revenues(2) | Adjusted total revenues(2) | 1,938,979 | 1,950,780 | (1) | |||||||||||||||||||||||||||||||
Non-interest expense | 1,098,968 | 829,455 | 32.5 | Non-interest expense | 1,179,574 | 1,098,968 | 7 | ||||||||||||||||||||||||||||
Adjusted non-interest expense(1) | 1,022,498 | 809,487 | 26.3 | ||||||||||||||||||||||||||||||||
Adjusted non-interest expense(2) | Adjusted non-interest expense(2) | 1,091,442 | 1,022,498 | 7 | |||||||||||||||||||||||||||||||
Income before income taxes | 765,015 | 547,354 | 39.8 | Income before income taxes | 484,665 | 765,015 | (37) | ||||||||||||||||||||||||||||
Net income | 563,780 | 428,476 | 31.6 | Net income | 373,695 | 563,780 | (34) | ||||||||||||||||||||||||||||
Net income available to common shareholders | 540,899 | 410,478 | 31.8 | Net income available to common shareholders | 340,532 | 540,899 | (37) | ||||||||||||||||||||||||||||
Net income per common share, basic | 3.50 | 3.49 | 0.4 | Net income per common share, basic | 2.31 | 3.50 | (34) | ||||||||||||||||||||||||||||
Net income per common share, diluted | 3.47 | 3.47 | — | Net income per common share, diluted | 2.30 | 3.47 | (34) | ||||||||||||||||||||||||||||
Adjusted net income per common share, diluted(1) | 3.90 | 3.64 | 7.3 | ||||||||||||||||||||||||||||||||
Adjusted net income per common share, diluted(2) | Adjusted net income per common share, diluted(2) | 2.41 | 3.90 | (38) | |||||||||||||||||||||||||||||||
Return on average common equity | 12.34 | % | 14.55 | % | (221 | ) | bps | Return on average common equity | 7.51 | % | 12.34 | % | (483) | bps | |||||||||||||||||||||
Adjusted return on average common equity(1) | 13.88 | 15.25 | (137 | ) | |||||||||||||||||||||||||||||||
Adjusted return on average tangible common equity(1) | 16.10 | 15.66 | 44 | ||||||||||||||||||||||||||||||||
Adjusted return on average common equity(2) | Adjusted return on average common equity(2) | 7.87 | 13.88 | (601) | |||||||||||||||||||||||||||||||
Adjusted return on average tangible common equity(2) | Adjusted return on average tangible common equity(2) | 9.12 | 16.10 | (698) | |||||||||||||||||||||||||||||||
Return on average assets | 1.20 | 1.35 | (15 | ) | Return on average assets | 0.72 | 1.20 | (48) | |||||||||||||||||||||||||||
Adjusted return on average assets(1) | 1.35 | 1.40 | (5 | ) | |||||||||||||||||||||||||||||||
Adjusted return on average assets(2) | Adjusted return on average assets(2) | 0.75 | 1.35 | (60) | |||||||||||||||||||||||||||||||
Efficiency ratio-FTE | 56.22 | 58.04 | (182 | ) | Efficiency ratio-FTE | 58.32 | 56.22 | 210 | |||||||||||||||||||||||||||
Adjusted tangible efficiency ratio(1) | 51.82 | 56.33 | (451 | ) | |||||||||||||||||||||||||||||||
Adjusted tangible efficiency ratio(2) | Adjusted tangible efficiency ratio(2) | 55.74 | 51.82 | 392 | |||||||||||||||||||||||||||||||
As Of and For The Years Ended December 31, | As Of and For The Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 37,162,450 | $ | 25,946,573 | 43.2 | % | Loans, net of deferred fees and costs | $ | 38,252,984 | $ | 37,162,450 | 3 | % | ||||||||||||||||||||||
Total deposits | 38,405,504 | 26,720,322 | 43.7 | Total deposits | 46,691,571 | 38,405,504 | 22 | ||||||||||||||||||||||||||||
Core deposits(2) | 34,975,511 | 25,172,292 | 38.9 | ||||||||||||||||||||||||||||||||
Core transaction deposits(3) | 24,167,582 | 19,111,533 | 26.5 | ||||||||||||||||||||||||||||||||
Core transaction deposits (excludes CDs, brokered and public fund deposits) | Core transaction deposits (excludes CDs, brokered and public fund deposits) | 32,754,609 | 24,167,582 | 36 | |||||||||||||||||||||||||||||||
Net interest margin | 3.70 | % | 3.86 | % | (16 | ) | bps | Net interest margin | 3.18 | % | 3.70 | % | (52) | bps | |||||||||||||||||||||
Dividend payout ratio(3) | Dividend payout ratio(3) | 57.45 | 34.62 | 2,283 | |||||||||||||||||||||||||||||||
Non-performing assets ratio | 0.37 | 0.44 | (7 | ) | Non-performing assets ratio | 0.50 | 0.37 | 13 | |||||||||||||||||||||||||||
Non-performing loans ratio | 0.27 | 0.41 | (14 | ) | Non-performing loans ratio | 0.39 | 0.27 | 12 | |||||||||||||||||||||||||||
Past due loans over 90 days | 0.04 | 0.01 | 3 | Past due loans over 90 days | 0.01 | 0.04 | (3) | ||||||||||||||||||||||||||||
Net charge-off ratio | 0.16 | 0.20 | (4 | ) | Net charge-off ratio | 0.24 | 0.16 | 8 | |||||||||||||||||||||||||||
CET1 capital (transitional) | $ | 3,743,459 | $ | 2,897,997 | 29.2 | % | |||||||||||||||||||||||||||||
CET1 capital | CET1 capital | $ | 4,034,865 | $ | 3,743,459 | 8 | % | ||||||||||||||||||||||||||||
Tier 1 risk-based capital | 4,280,604 | 3,090,416 | 38.5 | Tier 1 risk-based capital | 4,572,010 | 4,280,604 | 7 | ||||||||||||||||||||||||||||
Total risk-based capital | 5,123,381 | 3,601,376 | 42.3 | Total risk-based capital | 5,604,230 | 5,123,381 | 9 | ||||||||||||||||||||||||||||
CET1 capital ratio (transitional) | 8.95 | % | 9.95 | % | (100 | ) | bps | ||||||||||||||||||||||||||||
CET1 capital ratio | CET1 capital ratio | 9.66 | % | 8.95 | % | 71 | bps | ||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.23 | 10.61 | (38 | ) | Tier 1 risk-based capital ratio | 10.95 | 10.23 | 72 | |||||||||||||||||||||||||||
Total risk-based capital ratio | 12.25 | 12.37 | (12 | ) | Total risk-based capital ratio | 13.42 | 12.25 | 117 | |||||||||||||||||||||||||||
Total shareholders’ equity to total assets ratio | 10.25 | 9.59 | 66 | Total shareholders’ equity to total assets ratio | 9.49 | 10.25 | (76) | ||||||||||||||||||||||||||||
Tangible common equity to tangible assets ratio(1) | 8.08 | 8.81 | (73 | ) | |||||||||||||||||||||||||||||||
Tangible common equity to tangible assets ratio(2) | Tangible common equity to tangible assets ratio(2) | 7.66 | 8.08 | (42) | |||||||||||||||||||||||||||||||
(1) Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology. (2) See "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" of this Report for applicable reconciliation to GAAP measures. (3) Determined by dividing cash dividends declared per common share by diluted net income per share. |
Table 6 - Investment Securities Available for Sale | December 31, | |||||||
(in thousands) | 2019 | 2018 | ||||||
U.S. Treasury securities | $ | 19,855 | $ | 122,077 | ||||
U.S. Government agency securities | 36,541 | 38,382 | ||||||
Mortgage-backed securities issued by U.S. Government agencies | 56,816 | 97,205 | ||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,180,815 | 2,398,650 | ||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 636,851 | 1,188,518 | ||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 371,592 | 129,865 | ||||||
State and municipal securities | 2,075 | — | ||||||
Asset-backed securities | 327,400 | — | ||||||
Corporate debt and other debt securities | 146,725 | 16,935 | ||||||
Investment securities available for sale | $ | 6,778,670 | $ | 3,991,632 | ||||
Table 7 - Maturities and Weighted Average Yields of Investment Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Table 4 - Maturities and Weighted Average Yields of Investment Securities Available for Sale | Table 4 - Maturities and Weighted Average Yields of Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | (dollars in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | |||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | — | $ | — | $ | — | $ | 19,855 | U.S. Treasury securities | $ | 20,257 | $ | — | $ | — | $ | — | $ | 20,257 | |||||||||||||||||||||||||||
U.S. Government agency securities | 587 | 4,951 | 31,003 | — | 36,541 | U.S. Government agency securities | 432 | 2,112 | 79,776 | — | 82,320 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 1,649 | 1,046 | 54,121 | 56,816 | Mortgage-backed securities issued by U.S. Government agencies | — | 1,442 | 242 | 1,216,333 | 1,218,017 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 639 | 102,866 | 5,077,310 | 5,180,815 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 236 | 86,192 | 4,913,618 | 5,000,046 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 327 | 636,524 | 636,851 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 235 | 1,250,142 | 1,250,377 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 145,129 | 135,899 | 90,564 | 371,592 | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 4,181 | 109,813 | 142,952 | 113,975 | 370,921 | |||||||||||||||||||||||||||||||||||||
State and municipal securities | — | — | 1,060 | 1,015 | 2,075 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | 284,976 | 42,424 | 327,400 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt and other debt securities | 24,266 | 111,511 | 8,843 | 2,105 | 146,725 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | Corporate debt securities and other debt securities | — | 9,337 | 9,142 | 2,021 | 20,500 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 44,708 | $ | 263,879 | $ | 566,020 | $ | 5,904,063 | $ | 6,778,670 | Total | $ | 24,870 | $ | 122,940 | $ | 318,539 | $ | 7,496,089 | $ | 7,962,438 | |||||||||||||||||||||||||||
Weighted Average Yield | Weighted Average Yield | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 1.51 | % | — | % | — | % | — | % | 1.51 | % | U.S. Treasury securities | 0.08 | % | — | % | — | % | — | % | 0.08 | % | |||||||||||||||||||||||||||
U.S. Government agency securities | 5.85 | 3.58 | 3.66 | — | 3.68 | U.S. Government agency securities | 5.87 | 3.95 | 2.47 | — | 2.53 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 2.64 | 2.99 | 2.41 | 2.43 | Mortgage-backed securities issued by U.S. Government agencies | — | 2.62 | 7.77 | 2.10 | 2.10 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 5.39 | 2.42 | 3.06 | 3.04 | Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 5.19 | 2.30 | 2.08 | 2.08 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 1.50 | 2.76 | 2.76 | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 1.50 | 2.49 | 2.49 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government sponsored agencies | — | 2.80 | 3.31 | 3.56 | 3.17 | |||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | — | — | 2.44 | 4.18 | 3.29 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | 3.70 | 3.80 | 3.72 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt and other securities | 4.68 | 4.97 | 4.74 | 6.00 | 4.92 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 2.09 | 2.59 | 2.58 | 3.26 | 2.79 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | Corporate debt securities and other debt securities | — | 4.72 | 2.07 | 4.25 | 3.53 | ||||||||||||||||||||||||||||||||||||||||||
Total | 3.29 | % | 3.74 | % | 3.39 | % | 3.03 | % | 3.09 | % | Total | 0.52 | % | 2.79 | % | 2.47 | % | 2.17 | % | 2.18 | % | |||||||||||||||||||||||||||
Table 5 - Loans by Portfolio Class | ||||||||||||||||||||||||||||||||
December 31, | December 31, 2020 vs. December 31, 2019 Change | |||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans | %* | Total Loans | %* | ||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,574,899 | 32.9 | % | $ | 10,239,559 | 27.6 | % | $ | 2,335,340 | 23 | % | ||||||||||||||||||||
Owner-occupied | 6,798,780 | 17.8 | 6,529,811 | 17.6 | 268,969 | 4 | ||||||||||||||||||||||||||
Total commercial and industrial | 19,373,679 | 50.7 | 16,769,370 | 45.2 | 2,604,309 | 16 | ||||||||||||||||||||||||||
Investment properties | 9,346,530 | 24.3 | 9,004,327 | 24.2 | 342,203 | 4 | ||||||||||||||||||||||||||
1-4 family properties | 629,168 | 1.6 | 780,015 | 2.1 | (150,847) | (19) | ||||||||||||||||||||||||||
Land and development | 594,736 | 1.6 | 709,442 | 1.9 | (114,706) | (16) | ||||||||||||||||||||||||||
Total commercial real estate | 10,570,434 | 27.5 | 10,493,784 | 28.2 | 76,650 | 1 | ||||||||||||||||||||||||||
Consumer mortgages | 5,507,700 | 14.4 | 5,546,368 | 14.9 | (38,668) | (1) | ||||||||||||||||||||||||||
Home equity lines | 1,523,836 | 3.9 | 1,713,157 | 4.6 | (189,321) | (11) | ||||||||||||||||||||||||||
Credit cards | 281,018 | 0.7 | 268,841 | 0.7 | 12,177 | 5 | ||||||||||||||||||||||||||
Other consumer loans | 1,073,989 | 2.8 | 2,396,294 | 6.4 | (1,322,305) | (55) | ||||||||||||||||||||||||||
Total consumer | 8,386,543 | 21.8 | 9,924,660 | 26.6 | (1,538,117) | (15) | ||||||||||||||||||||||||||
Total loans | 38,330,656 | 100.0 | 37,187,814 | 100.0 | 1,142,842 | 3 | ||||||||||||||||||||||||||
Deferred fees and costs, net | (77,672) | nm | (25,364) | nm | (52,308) | 206 | ||||||||||||||||||||||||||
Total loans, net of deferred fees and costs | $ | 38,252,984 | 100.0 | % | $ | 37,162,450 | 100.0 | % | $ | 1,090,534 | 3 | % | ||||||||||||||||||||
Table 8 - Loans by Portfolio Class | |||||||||||||
December 31, | |||||||||||||
2019 | 2018 | ||||||||||||
(dollars in thousands) | Total Loans | %* | Total Loans | %* | |||||||||
Commercial, financial, and agricultural | $ | 10,252,859 | 27.6 | % | $ | 7,449,698 | 28.7 | % | |||||
Owner-occupied | 6,529,811 | 17.6 | 5,331,508 | 20.5 | |||||||||
Total commercial and industrial | 16,782,670 | 45.2 | 12,781,206 | 49.2 | |||||||||
Investment properties | 9,042,679 | 24.3 | 5,560,951 | 21.4 | |||||||||
1-4 family properties | 780,015 | 2.1 | 679,870 | 2.7 | |||||||||
Land and development | 657,790 | 1.8 | 323,670 | 1.2 | |||||||||
Total commercial real estate | 10,480,484 | 28.2 | 6,564,491 | 25.3 | |||||||||
Consumer mortgages | 5,546,368 | 14.9 | 2,934,235 | 11.3 | |||||||||
Home equity lines | 1,713,157 | 4.6 | 1,515,796 | 5.8 | |||||||||
Credit cards | 268,841 | 0.7 | 258,245 | 1.0 | |||||||||
Other consumer loans | 2,396,294 | 6.4 | 1,916,743 | 7.4 | |||||||||
Total consumer | 9,924,660 | 26.6 | 6,625,019 | 25.5 | |||||||||
Total loans | 37,187,814 | 100.0 | 25,970,716 | 100.0 | |||||||||
Deferred fees and costs, net | (25,364 | ) | nm | (24,143 | ) | nm | |||||||
Total loans, net of deferred fees and costs | $ | 37,162,450 | 100.0 | % | $ | 25,946,573 | 100.0 | % | |||||
* Loan balance in each category is before net deferred fees and costs and is expressed as a percentage of total |
Table 6 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %* | Amount | %* | |||||||||||||||||||
Health care and social assistance | $ | 3,688,993 | 19.0 | % | $ | 3,083,355 | 18.4 | % | |||||||||||||||
Finance and insurance | 1,692,265 | 8.7 | 1,263,521 | 7.5 | |||||||||||||||||||
Retail trade | 1,307,669 | 6.7 | 1,202,958 | 7.2 | |||||||||||||||||||
Manufacturing | 1,281,518 | 6.6 | 1,208,688 | 7.2 | |||||||||||||||||||
Accommodation and food services | 1,211,644 | 6.3 | 921,515 | 5.5 | |||||||||||||||||||
Real estate and rental and leasing | 1,161,440 | 6.0 | 1,126,828 | 6.7 | |||||||||||||||||||
Wholesale trade | 1,155,925 | 6.0 | 1,138,145 | 6.8 | |||||||||||||||||||
Professional, scientific, and technical services | 1,140,458 | 5.9 | 883,433 | 5.3 | |||||||||||||||||||
Other services | 1,127,567 | 5.8 | 1,005,420 | 6.0 | |||||||||||||||||||
Construction | 1,043,778 | 5.4 | 702,892 | 4.2 | |||||||||||||||||||
Transportation and warehousing | 926,188 | 4.8 | 854,954 | 5.1 | |||||||||||||||||||
Arts, entertainment and recreation | 779,959 | 4.0 | 771,846 | 4.6 | |||||||||||||||||||
Real estate other | 687,966 | 3.6 | 615,441 | 3.7 | |||||||||||||||||||
Public administration | 435,870 | 2.2 | 342,329 | 2.0 | |||||||||||||||||||
Educational services | 396,500 | 2.0 | 409,639 | 2.4 | |||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 384,076 | 2.0 | 369,185 | 2.2 | |||||||||||||||||||
Administration, support, waste management, and remediation | 379,609 | 2.0 | 302,711 | 1.8 | |||||||||||||||||||
Information | 292,493 | 1.5 | 314,740 | 1.9 | |||||||||||||||||||
Other industries | 279,761 | 1.5 | 251,770 | 1.5 | |||||||||||||||||||
Total C&I loans | $ | 19,373,679 | 100.0 | % | $ | 16,769,370 | 100.0 | % | |||||||||||||||
Table 9 - Commercial and Industrial Loans by Industry | |||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||
(dollars in thousands) | Amount | %* | Amount | %* | |||||||||
Health care and social assistance | $ | 3,083,355 | 18.4 | % | $ | 3,060,089 | 23.9 | % | |||||
Finance and insurance | 1,263,521 | 7.5 | 910,688 | 7.1 | |||||||||
Manufacturing | 1,208,688 | 7.2 | 1,082,799 | 8.5 | |||||||||
Retail trade | 1,202,958 | 7.2 | 910,852 | 7.1 | |||||||||
Wholesale trade | 1,138,145 | 6.8 | 700,843 | 5.5 | |||||||||
Real estate, rental and leasing | 1,126,828 | 6.7 | 606,475 | 4.7 | |||||||||
Other services | 1,005,420 | 6.0 | 799,442 | 6.3 | |||||||||
Accommodation and food services | 921,515 | 5.5 | 669,750 | 5.2 | |||||||||
Professional, scientific, and technical services | 883,433 | 5.3 | 857,947 | 6.7 | |||||||||
Transportation and warehousing | 854,954 | 5.1 | 479,584 | 3.8 | |||||||||
Arts, entertainment and recreation | 771,846 | 4.6 | 237,712 | 1.9 | |||||||||
Construction | 716,192 | 4.3 | 631,169 | 4.9 | |||||||||
Real estate other | 615,441 | 3.7 | 432,114 | 3.4 | |||||||||
Educational services | 409,639 | 2.4 | 284,858 | 2.2 | |||||||||
Agriculture, forestry, fishing, and hunting | 369,185 | 2.2 | 345,580 | 2.7 | |||||||||
Public administration | 342,329 | 2.0 | 68,997 | 0.5 | |||||||||
Information | 314,740 | 1.9 | 252,552 | 2.0 | |||||||||
Administration, support, waste management, and remediation | 302,711 | 1.8 | 284,700 | 2.2 | |||||||||
Other industries | 251,770 | 1.4 | 165,055 | 1.4 | |||||||||
Total C&I loans | $ | 16,782,670 | 100.0 | % | $ | 12,781,206 | 100.0 | % | |||||
Table 10 - Investment Properties Loan Portfolio | ||||||||||||||||||||||||||||||||||||
Table 7 - Investment Properties Loan Portfolio | Table 7 - Investment Properties Loan Portfolio | |||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | (dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||
Office buildings | $ | 2,255,308 | 24.9 | % | $ | 1,451,048 | 26.1 | % | Office buildings | $ | 2,261,253 | 24.2 | % | $ | 2,255,308 | 25.0 | % | |||||||||||||||||||
Multi-family | 2,023,769 | 22.4 | 1,208,033 | 21.7 | Multi-family | 2,197,942 | 23.5 | 1,989,096 | 22.1 | |||||||||||||||||||||||||||
Shopping centers | 1,762,598 | 19.5 | 808,540 | 14.5 | Shopping centers | 1,607,223 | 17.2 | 1,785,616 | 19.8 | |||||||||||||||||||||||||||
Hotels | 1,284,291 | 14.2 | 704,319 | 12.7 | Hotels | 1,444,264 | 15.5 | 1,284,291 | 14.3 | |||||||||||||||||||||||||||
Warehouses | 713,602 | 7.9 | 627,353 | 11.3 | Warehouses | 702,020 | 7.5 | 703,705 | 7.8 | |||||||||||||||||||||||||||
Other investment property | 1,003,111 | 11.1 | 761,658 | 13.7 | Other investment property | 1,133,828 | 12.1 | 986,311 | 11.0 | |||||||||||||||||||||||||||
Total investment properties loans | $ | 9,042,679 | 100.0 | % | $ | 5,560,951 | 100.0 | % | Total investment properties loans | $ | 9,346,530 | 100.0 | % | $ | 9,004,327 | 100.0 | % | |||||||||||||||||||
Table 8 - Composition of Loan Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | %* | Amount | %* | Amount | %* | Amount | %* | Amount | %* | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,574,899 | 32.9 | % | $ | 10,239,559 | 27.6 | % | $ | 7,449,698 | 28.7 | % | $ | 7,179,487 | 29.0 | % | $ | 6,909,036 | 29.0 | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied | 6,798,780 | 17.8 | 6,529,811 | 17.6 | 5,331,508 | 20.5 | 4,844,163 | 19.5 | 4,634,770 | 19.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate — construction | 2,319,307 | 6.0 | 2,672,138 | 7.2 | 1,418,157 | 5.5 | 1,604,803 | 6.5 | 1,724,518 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate — mortgage | 8,251,127 | 21.5 | 7,821,646 | 21.0 | 5,146,334 | 19.8 | 5,330,485 | 21.5 | 5,649,594 | 23.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 29,944,113 | 78.2 | % | 27,263,154 | 73.4 | 19,345,697 | 74.5 | 18,958,938 | 76.5 | 18,917,918 | 79.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate — mortgage | 7,031,536 | 18.3 | 7,259,525 | 19.5 | 4,450,031 | 17.1 | 4,147,730 | 16.7 | 3,913,869 | 16.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans — credit cards | 281,018 | 0.7 | 268,841 | 0.7 | 258,245 | 1.0 | 232,676 | 0.9 | 232,413 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans — other | 1,073,989 | 2.8 | 2,396,294 | 6.4 | 1,916,743 | 7.4 | 1,473,451 | 5.9 | 818,182 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 8,386,543 | 21.8 | 9,924,660 | 26.6 | 6,625,019 | 25.5 | 5,853,857 | 23.5 | 4,964,464 | 20.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 38,330,656 | 37,187,814 | 25,970,716 | 24,812,795 | 23,882,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred fees and costs, net | (77,672) | nm | (25,364) | nm | (24,143) | nm | (25,331) | nm | (25,991) | nm | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, net of deferred fees and costs | $ | 38,252,984 | 100.0 | % | $ | 37,162,450 | 100.0 | % | $ | 25,946,573 | 100.0 | % | $ | 24,787,464 | 100.0 | % | $ | 23,856,391 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Table 11 - Composition of Loan Portfolio | ||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | %* | Amount | %* | Amount | %* | Amount | %* | Amount | %* | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 10,252,859 | 27.6 | % | $ | 7,449,698 | 28.7 | % | $ | 7,179,487 | 29.0 | % | $ | 6,909,036 | 29.0 | % | $ | 6,453,180 | 28.8 | % | ||||||||||||||
Owner-occupied | 6,529,811 | 17.6 | 5,331,508 | 20.5 | 4,844,163 | 19.5 | 4,634,770 | 19.4 | 4,318,950 | 19.2 | ||||||||||||||||||||||||
Real estate — construction | 2,582,014 | 6.9 | 1,418,157 | 5.5 | 1,604,803 | 6.5 | 1,724,518 | 7.1 | 2,181,174 | 9.7 | ||||||||||||||||||||||||
Real estate — mortgage | 7,898,470 | 21.3 | 5,146,334 | 19.8 | 5,330,485 | 21.5 | 5,649,594 | 23.7 | 5,213,594 | 23.2 | ||||||||||||||||||||||||
Total commercial | 27,263,154 | 73.4 | 19,345,697 | 74.5 | 18,958,938 | 76.5 | 18,917,918 | 79.2 | 18,166,898 | 80.9 | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||
Real estate — mortgage | 7,259,525 | 19.5 | 4,450,031 | 17.1 | 4,147,730 | 16.7 | 3,913,869 | 16.4 | 3,628,597 | 16.1 | ||||||||||||||||||||||||
Consumer loans — credit cards | 268,841 | 0.7 | 258,245 | 1.0 | 232,676 | 0.9 | 232,413 | 1.0 | 240,851 | 1.1 | ||||||||||||||||||||||||
Consumer loans — other | 2,396,294 | 6.4 | 1,916,743 | 7.4 | 1,473,451 | 5.9 | 818,182 | 3.4 | 423,318 | 1.9 | ||||||||||||||||||||||||
Total consumer | 9,924,660 | 26.6 | 6,625,019 | 25.5 | 5,853,857 | 23.5 | 4,964,464 | 20.8 | 4,292,766 | 19.1 | ||||||||||||||||||||||||
Total loans | 37,187,814 | 25,970,716 | 24,812,795 | 23,882,382 | 22,459,664 | |||||||||||||||||||||||||||||
Deferred fees and costs, net | (25,364 | ) | nm | (24,143 | ) | nm | (25,331 | ) | nm | (25,991 | ) | nm | (30,099 | ) | nm | |||||||||||||||||||
Total loans, net of deferred fees and costs | $ | 37,162,450 | 100.0 | % | $ | 25,946,573 | 100.0 | % | $ | 24,787,464 | 100.0 | % | $ | 23,856,391 | 100.0 | % | $ | 22,429,565 | 100.0 | % | ||||||||||||||
Table 9 - Composition of Period-end Deposits | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 12,382,708 | 26.5 | % | $ | 8,661,220 | 22.6 | % | |||||||||||||||
Interest-bearing demand deposits(2) | 5,674,416 | 12.2 | 4,769,505 | 12.4 | |||||||||||||||||||
Money market accounts(2) | 13,541,236 | 29.0 | 9,827,357 | 25.6 | |||||||||||||||||||
Savings deposits(2) | 1,156,249 | 2.5 | 909,500 | 2.4 | |||||||||||||||||||
Public funds | 6,760,628 | 14.5 | 4,622,318 | 12.0 | |||||||||||||||||||
Time deposits(2) | 3,605,928 | 7.7 | 6,185,611 | 16.1 | |||||||||||||||||||
Brokered deposits | 3,570,406 | 7.6 | 3,429,993 | 8.9 | |||||||||||||||||||
Total deposits | $ | 46,691,571 | 100.0 | % | $ | 38,405,504 | 100.0 | % | |||||||||||||||
Core deposits(3) | $ | 43,121,165 | 92.4 | % | $ | 34,975,511 | 91.1 | % | |||||||||||||||
Core transaction deposits(4) | $ | 32,754,609 | 70.2 | % | $ | 24,167,582 | 62.9 | % | |||||||||||||||
Time deposits greater than $100,000, including brokered and public funds | $ | 4,748,029 | 10.2 | % | $ | 7,262,833 | 18.9 | % | |||||||||||||||
Brokered time deposits | $ | 1,590,096 | 3.4 | % | $ | 2,154,095 | 5.6 | % | |||||||||||||||
Public funds time deposits | $ | 752,172 | 1.6 | % | $ | 734,602 | 1.9 | % | |||||||||||||||
Table 12 - Composition of Period-end Deposits | |||||||||||||
2019 | 2018 | ||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||
Non-interest-bearing demand deposits(2) | $ | 8,661,220 | 22.6 | % | $ | 6,926,513 | 25.9 | % | |||||
Interest-bearing demand deposits(2) | 4,769,505 | 12.4 | 3,690,689 | 13.8 | |||||||||
Money market accounts(2) | 9,827,357 | 25.6 | 7,681,836 | 28.8 | |||||||||
Savings deposits(2) | 909,500 | 2.4 | 812,495 | 3.0 | |||||||||
Public funds | 4,622,318 | 12.0 | 2,374,892 | 8.9 | |||||||||
Time deposits(2) | 6,185,611 | 16.1 | 3,685,867 | 13.8 | |||||||||
Brokered deposits | 3,429,993 | 8.9 | 1,548,030 | 5.8 | |||||||||
Total deposits | $ | 38,405,504 | 100.0 | % | $ | 26,720,322 | 100.0 | % | |||||
Core deposits(3) | $ | 34,975,511 | 91.1 | % | $ | 25,172,292 | 94.2 | % | |||||
Core transaction deposits(4) | $ | 24,167,582 | 62.9 | % | $ | 19,111,533 | 71.5 | % | |||||
Time deposits greater than $100,000, including brokered and public funds | $ | 7,262,833 | 18.9 | % | $ | 3,749,928 | 14.0 | % | |||||
Brokered time deposits | $ | 2,154,095 | 5.6 | % | $ | 1,199,670 | 4.5 | % | |||||
Table 10 - Maturity Distribution of Time Deposits of $100,000 or More | ||||||||
(in thousands) | December 31, 2020 | |||||||
3 months or less | $ | 1,075,822 | ||||||
Over 3 months through 6 months | 823,138 | |||||||
Over 6 months through 12 months | 1,139,047 | |||||||
Over 12 months | 1,710,022 | |||||||
Total outstanding | $ | 4,748,029 | ||||||
Table 13 - Maturity Distribution of Time Deposits of $100,000 or More | ||||
(in thousands) | December 31, 2019 | |||
3 months or less | $ | 1,660,491 | ||
Over 3 months through 6 months | 1,744,278 | |||
Over 6 months through 12 months | 2,824,632 | |||
Over 12 months | 1,033,432 | |||
Total outstanding | $ | 7,262,833 | ||
Table 14 - Net Interest Income | ||||||||||||||||||||||||||||||||
Table 11 - Net Interest Income | Table 11 - Net Interest Income | |||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Interest income | $ | 2,050,638 | $ | 1,344,305 | $ | 1,162,497 | Interest income | $ | 1,804,495 | $ | 2,050,638 | $ | 1,344,305 | |||||||||||||||||||
Taxable-equivalent adjustment | 3,025 | 553 | 1,124 | Taxable-equivalent adjustment | 3,424 | 3,025 | 553 | |||||||||||||||||||||||||
Interest income, taxable-equivalent | 2,053,663 | 1,344,858 | 1,163,621 | Interest income, taxable-equivalent | 1,807,919 | 2,053,663 | 1,344,858 | |||||||||||||||||||||||||
Interest expense | 454,835 | 195,892 | 139,188 | Interest expense | 291,747 | 454,835 | 195,892 | |||||||||||||||||||||||||
Net interest income, taxable-equivalent | $ | 1,598,828 | $ | 1,148,966 | $ | 1,024,433 | Net interest income, taxable-equivalent | $ | 1,516,172 | $ | 1,598,828 | $ | 1,148,966 | |||||||||||||||||||
Table 12 - Average Balances, Interest, and Yields/Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | $ | 38,597,852 | $ | 1,587,606 | 4.11 | % | $ | 35,599,889 | $ | 1,806,060 | 5.07 | % | $ | 25,128,248 | $ | 1,224,568 | 4.87 | % | |||||||||||||||||||||||||||||||||||
Tax-exempt loans, net(1)(2)(3) | 497,467 | 16,274 | 3.27 | 355,675 | 14,208 | 3.99 | 61,128 | 2,631 | 4.30 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 513,743 | — | — | 259,833 | — | — | 253,091 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 38,581,576 | 1,603,880 | 4.16 | 35,695,731 | 1,820,268 | 5.10 | 24,936,285 | 1,227,199 | 4.92 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale(3) | 7,006,894 | 178,582 | 2.55 | 6,755,496 | 208,867 | 3.09 | 4,077,390 | 96,932 | 2.38 | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets | 6,593 | 121 | 1.84 | 5,119 | 138 | 2.70 | 14,025 | 360 | 2.57 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits with banks | 21,081 | 197 | 0.94 | 21,586 | 491 | 2.27 | 41,191 | 884 | 2.15 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 1,442,609 | 2,839 | 0.19 | 472,814 | 10,384 | 2.17 | 529,501 | 10,156 | 1.89 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 124,460 | 149 | 0.12 | 59,724 | 1,342 | 2.25 | 36,392 | 366 | 1.01 | ||||||||||||||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 223,606 | 7,073 | 3.16 | 245,196 | 8,918 | 3.64 | 167,240 | 6,978 | 4.17 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 215,788 | 6,412 | 2.97 | 80,997 | 3,233 | 3.99 | 43,568 | 1,950 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 265,764 | 8,666 | 3.21 | 517 | 22 | 4.11 | 3,945 | 33 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 47,888,371 | 1,807,919 | 3.78 | 43,337,180 | 2,053,663 | 4.74 | 29,849,537 | 1,344,858 | 4.51 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 531,963 | 510,755 | 408,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 481,371 | 487,202 | 429,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 9,740 | 14,539 | 5,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,003,560 | 767,142 | 546,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 2,223,033 | 1,675,112 | 428,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 52,138,038 | $ | 46,791,930 | $ | 31,668,847 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 7,510,429 | $ | 19,034 | 0.25 | % | $ | 6,311,829 | $ | 42,254 | 0.67 | % | $ | 4,855,603 | $ | 17,457 | 0.36 | % | |||||||||||||||||||||||||||||||||||
Money market accounts | 14,690,298 | 72,312 | 0.49 | 11,198,199 | 145,048 | 1.30 | 8,185,156 | 57,771 | 0.71 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,056,777 | 247 | 0.02 | 905,338 | 487 | 0.05 | 820,501 | 251 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 7,853,325 | 126,184 | 1.61 | 10,054,459 | 169,160 | 1.68 | 4,826,625 | 68,392 | 1.42 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 192,967 | 274 | 0.14 | 236,601 | 522 | 0.22 | 208,727 | 523 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 492,697 | 7,643 | 1.53 | 1,123,613 | 25,663 | 2.25 | 163,206 | 3,030 | 1.83 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 2,322,717 | 66,053 | 2.83 | 2,135,614 | 71,701 | 3.31 | 1,724,552 | 48,468 | 2.77 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 34,119,210 | 291,747 | 0.84 | 31,965,653 | 454,835 | 1.41 | 20,784,370 | 195,892 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 11,925,114 | 9,359,894 | 7,656,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,021,633 | 714,521 | 230,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,072,081 | 4,751,862 | 2,998,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 52,138,038 | $ | 46,791,930 | $ | 31,668,847 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, taxable equivalent net interest margin | $ | 1,516,172 | 3.18 | % | $ | 1,598,828 | 3.70 | % | $ | 1,148,966 | 3.86 | % | |||||||||||||||||||||||||||||||||||||||||
Less: taxable-equivalent adjustment | 3,424 | 3,025 | 553 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,512,748 | $ | 1,595,803 | $ | 1,148,413 | |||||||||||||||||||||||||||||||||||||||||||||||
Table 15 - Average Balances, Interest, and Yields/Rates | ||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
(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) | $ | 35,600,406 | $ | 1,806,082 | 5.07 | % | $ | 25,132,193 | $ | 1,224,601 | 4.87 | % | $ | 24,318,345 | $ | 1,062,261 | 4.37 | % | ||||||||||||||
Tax-exempt loans, net(1)(2)(3) | 355,675 | 14,208 | 3.99 | 61,128 | 2,631 | 4.30 | 66,174 | 3,157 | 4.77 | |||||||||||||||||||||||
Less: Allowance for loan losses | 259,833 | — | — | 253,091 | — | — | 251,667 | — | — | |||||||||||||||||||||||
Loans, net | 35,696,248 | 1,820,290 | 5.10 | 24,940,230 | 1,227,232 | 4.92 | 24,132,852 | 1,065,418 | 4.41 | |||||||||||||||||||||||
Investment securities available for sale(3) | 6,755,496 | 208,867 | 3.09 | 4,077,390 | 96,932 | 2.38 | 3,853,440 | 82,718 | 2.15 | |||||||||||||||||||||||
Trading account assets | 5,119 | 138 | 2.70 | 14,025 | 360 | 2.57 | 6,330 | 141 | 2.22 | |||||||||||||||||||||||
Interest earning deposits with banks | 21,586 | 491 | 2.27 | 41,191 | 884 | 2.15 | 45,365 | 636 | 1.40 | |||||||||||||||||||||||
Due from Federal Reserve Bank | 472,814 | 10,384 | 2.17 | 529,501 | 10,156 | 1.89 | 575,126 | 6,470 | 1.12 | |||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 59,724 | 1,342 | 2.25 | 36,392 | 366 | 1.01 | 50,315 | 384 | 0.76 | |||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 245,196 | 8,918 | 3.64 | 167,240 | 6,978 | 4.17 | 170,703 | 5,928 | 3.47 | |||||||||||||||||||||||
Mortgage loans held for sale | 80,997 | 3,233 | 3.99 | 43,568 | 1,950 | 4.48 | 49,082 | 1,926 | 3.92 | |||||||||||||||||||||||
Total interest earning assets | 43,337,180 | 2,053,663 | 4.74 | 29,849,537 | 1,344,858 | 4.51 | 28,883,213 | 1,163,621 | 4.03 | |||||||||||||||||||||||
Cash and cash equivalents | 510,755 | 408,684 | 392,720 | |||||||||||||||||||||||||||||
Premises and equipment, net | 487,202 | 429,542 | 419,619 | |||||||||||||||||||||||||||||
Other real estate | 14,539 | 5,655 | 17,789 | |||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 767,142 | 546,864 | 474,615 | |||||||||||||||||||||||||||||
Other assets(4) | 1,675,112 | 428,565 | 599,332 | |||||||||||||||||||||||||||||
Total assets | $ | 46,791,930 | $ | 31,668,847 | $ | 30,787,288 | ||||||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 6,311,829 | $ | 42,254 | 0.67 | % | $ | 4,855,603 | $ | 17,457 | 0.36 | % | $ | 4,867,029 | $ | 11,919 | 0.24 | % | ||||||||||||||
Money market accounts | 11,198,199 | 145,048 | 1.30 | 8,185,156 | 57,771 | 0.71 | 8,043,327 | 28,269 | 0.35 | |||||||||||||||||||||||
Savings deposits | 905,338 | 487 | 0.05 | 820,501 | 251 | 0.03 | 830,317 | 457 | 0.06 | |||||||||||||||||||||||
Time deposits | 10,054,459 | 169,160 | 1.68 | 4,826,625 | 68,392 | 1.42 | 4,282,700 | 40,680 | 0.95 | |||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 236,601 | 522 | 0.22 | 208,727 | 523 | 0.25 | 184,093 | 198 | 0.11 | |||||||||||||||||||||||
Other short-term borrowings | 1,123,613 | 25,663 | 2.25 | 163,206 | 3,030 | 1.83 | 71,918 | 752 | 1.03 | |||||||||||||||||||||||
Long-term debt | 2,135,614 | 71,701 | 3.31 | 1,724,552 | 48,468 | 2.77 | 1,965,069 | 56,913 | 2.86 | |||||||||||||||||||||||
Total interest-bearing liabilities | 31,965,653 | 454,835 | 1.41 | 20,784,370 | 195,892 | 0.94 | 20,244,453 | 139,188 | 0.69 | |||||||||||||||||||||||
Non-interest-bearing demand deposits | 9,359,894 | 7,656,233 | 7,351,015 | |||||||||||||||||||||||||||||
Other liabilities | 714,521 | 230,043 | 221,270 | |||||||||||||||||||||||||||||
Equity | 4,751,862 | 2,998,201 | 2,970,550 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 46,791,930 | $ | 31,668,847 | $ | 30,787,288 | ||||||||||||||||||||||||||
Net interest income, taxable equivalent net interest margin | $ | 1,598,828 | 3.70 | % | $ | 1,148,966 | 3.86 | % | $ | 1,024,433 | 3.55 | % | ||||||||||||||||||||
Less: taxable-equivalent adjustment | 3,025 | 553 | 1,124 | |||||||||||||||||||||||||||||
Net interest income | $ | 1,595,803 | $ | 1,148,413 | $ | 1,023,309 | ||||||||||||||||||||||||||
Table 13 - Rate/Volume Analysis | 2020 Compared to 2019 Change Due to(1) | 2019 Compared to 2018 Change Due to(1) | |||||||||||||||||||||||||||||||||
(in thousands) | Volume/Mix | Yield/Rate | Net Change | Volume/Mix | Yield/Rate | Net Change | |||||||||||||||||||||||||||||
Interest earned on: | |||||||||||||||||||||||||||||||||||
Taxable loans, net | $ | 151,997 | $ | (370,451) | $ | (218,454) | $ | 509,969 | $ | 71,523 | $ | 581,492 | |||||||||||||||||||||||
Tax-exempt loans, net(2) | 5,658 | (3,592) | 2,066 | 12,666 | (1,089) | 11,577 | |||||||||||||||||||||||||||||
Investment securities(2) | 7,768 | (38,053) | (30,285) | 63,739 | 48,196 | 111,935 | |||||||||||||||||||||||||||||
Trading account assets | 40 | (57) | (17) | (229) | 7 | (222) | |||||||||||||||||||||||||||||
Interest earning deposits with banks | (11) | (283) | (294) | (422) | 29 | (393) | |||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 21,045 | (28,590) | (7,545) | (1,071) | 1,299 | 228 | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 1,457 | (2,650) | (1,193) | 236 | 740 | 976 | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | (786) | (1,059) | (1,845) | 3,251 | (1,311) | 1,940 | |||||||||||||||||||||||||||||
Mortgage loans held for sale | 5,378 | (2,199) | 3,179 | 1,677 | (394) | 1,283 | |||||||||||||||||||||||||||||
Other loans held for sale | 10,902 | (2,258) | 8,644 | (28) | 17 | (11) | |||||||||||||||||||||||||||||
Total interest income | 203,448 | (449,192) | (245,744) | 589,788 | 119,017 | 708,805 | |||||||||||||||||||||||||||||
Interest paid on: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 8,031 | (31,251) | (23,220) | 5,242 | 19,555 | 24,797 | |||||||||||||||||||||||||||||
Money market accounts | 45,397 | (118,133) | (72,736) | 21,393 | 65,884 | 87,277 | |||||||||||||||||||||||||||||
Savings deposits | 76 | (316) | (240) | 25 | 211 | 236 | |||||||||||||||||||||||||||||
Time deposits | (36,979) | (5,997) | (42,976) | 74,235 | 26,533 | 100,768 | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | (96) | (152) | (248) | 70 | (71) | (1) | |||||||||||||||||||||||||||||
Other short-term borrowings | (14,196) | (3,824) | (18,020) | 17,575 | 5,058 | 22,633 | |||||||||||||||||||||||||||||
Long-term debt | 6,193 | (11,841) | (5,648) | 11,386 | 11,847 | 23,233 | |||||||||||||||||||||||||||||
Total interest expense | 8,426 | (171,514) | (163,088) | 129,926 | 129,017 | 258,943 | |||||||||||||||||||||||||||||
Net interest income | $ | 195,022 | $ | (277,678) | $ | (82,656) | $ | 459,862 | $ | (10,000) | $ | 449,862 | |||||||||||||||||||||||
Table 16 - Rate/Volume Analysis | 2019 Compared to 2018 Change Due to(1) | 2018 Compared to 2017 Change Due to(1) | |||||||||||||||||||||
(in thousands) | Volume/Mix | Yield/Rate | Net Change | Volume/Mix | Yield/Rate | Net Change | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Taxable loans, net | $ | 509,802 | $ | 71,679 | $ | 581,481 | $ | 35,565 | $ | 126,775 | $ | 162,340 | |||||||||||
Tax-exempt loans, net(2) | 12,666 | (1,089 | ) | 11,577 | (241 | ) | (285 | ) | (526 | ) | |||||||||||||
Investment securities(2) | 63,739 | 48,196 | 111,935 | 4,783 | 9,431 | 14,214 | |||||||||||||||||
Trading account assets | (229 | ) | 7 | (222 | ) | 171 | 48 | 219 | |||||||||||||||
Interest earning deposits with banks | (422 | ) | 29 | (393 | ) | (58 | ) | 306 | 248 | ||||||||||||||
Due from Federal Reserve Bank | (1,071 | ) | 1,299 | 228 | (511 | ) | 4,197 | 3,686 | |||||||||||||||
Federal funds sold and securities purchased under resale agreements | 236 | 740 | 976 | (106 | ) | 88 | (18 | ) | |||||||||||||||
FHLB and Federal Reserve Bank stock | 3,251 | (1,311 | ) | 1,940 | (120 | ) | 1,170 | 1,050 | |||||||||||||||
Mortgage loans held for sale | 1,677 | (394 | ) | 1,283 | (216 | ) | 240 | 24 | |||||||||||||||
Total interest income | 589,649 | 119,156 | 708,805 | 39,267 | 141,970 | 181,237 | |||||||||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand deposits | 5,242 | 19,555 | 24,797 | (27 | ) | 5,565 | 5,538 | ||||||||||||||||
Money market accounts | 21,393 | 65,884 | 87,277 | 496 | 29,006 | 29,502 | |||||||||||||||||
Savings deposits | 25 | 211 | 236 | (6 | ) | (200 | ) | (206 | ) | ||||||||||||||
Time deposits | 74,235 | 26,533 | 100,768 | 5,167 | 22,545 | 27,712 | |||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 70 | (71 | ) | (1 | ) | 27 | 298 | 325 | |||||||||||||||
Other short-term borrowings | 17,575 | 5,058 | 22,633 | 940 | 1,338 | 2,278 | |||||||||||||||||
Long-term debt | 11,386 | 11,847 | 23,233 | (6,975 | ) | (1,470 | ) | (8,445 | ) | ||||||||||||||
Total interest expense | 129,926 | 129,017 | 258,943 | (378 | ) | 57,082 | 56,704 | ||||||||||||||||
Net interest income | $ | 459,723 | $ | (9,861 | ) | $ | 449,862 | $ | 39,645 | $ | 84,888 | $ | 124,533 | ||||||||||
Table 17 - Non-interest Income | ||||||||||||||||||||||||||||||||
Table 14 - Non-interest Revenue | Table 14 - Non-interest Revenue | |||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Service charges on deposit accounts | $ | 88,190 | $ | 80,840 | $ | 81,419 | Service charges on deposit accounts | $ | 73,132 | $ | 88,190 | $ | 80,840 | |||||||||||||||||||
Fiduciary and asset management fees | 58,388 | 54,685 | 50,485 | Fiduciary and asset management fees | 63,251 | 58,388 | 54,685 | |||||||||||||||||||||||||
Card fees | 45,659 | 42,503 | 39,376 | Card fees | 42,702 | 45,659 | 42,503 | |||||||||||||||||||||||||
Brokerage revenue | 41,608 | 35,366 | 29,266 | Brokerage revenue | 44,781 | 41,608 | 35,366 | |||||||||||||||||||||||||
Mortgage banking income | 32,599 | 18,958 | 22,798 | Mortgage banking income | 91,413 | 32,599 | 18,958 | |||||||||||||||||||||||||
Capital markets income | 30,529 | 5,803 | 5,632 | Capital markets income | 27,336 | 30,529 | 5,803 | |||||||||||||||||||||||||
Income from bank-owned life insurance | 21,226 | 15,403 | 13,460 | Income from bank-owned life insurance | 31,297 | 21,226 | 15,403 | |||||||||||||||||||||||||
Cabela's Transaction Fee | — | — | 75,000 | |||||||||||||||||||||||||||||
Investment securities losses, net | (7,659 | ) | (1,296 | ) | (289 | ) | ||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | 78,931 | (7,659) | (1,296) | ||||||||||||||||||||||||||||
Gain on sale and increase (decrease) in fair value of private equity investments | 11,607 | (4,743 | ) | (3,093 | ) | Gain on sale and increase (decrease) in fair value of private equity investments | 4,775 | 11,607 | (4,743) | |||||||||||||||||||||||
Other non-interest income | 33,753 | 32,574 | 31,273 | |||||||||||||||||||||||||||||
Total non-interest income | $ | 355,900 | $ | 280,093 | $ | 345,327 | ||||||||||||||||||||||||||
Other non-interest revenue | Other non-interest revenue | 48,895 | 33,753 | 32,574 | ||||||||||||||||||||||||||||
Total non-interest revenue | Total non-interest revenue | $ | 506,513 | $ | 355,900 | $ | 280,093 | |||||||||||||||||||||||||
Table 18 - Non-interest Expense | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Salaries and other personnel expense | $ | 570,036 | $ | 453,420 | $ | 433,321 | ||||||
Net occupancy and equipment expense | 161,906 | 130,482 | 119,964 | |||||||||
Third-party processing and other services | 75,696 | 58,625 | 54,708 | |||||||||
Professional fees | 35,300 | 26,737 | 26,232 | |||||||||
FDIC insurance and other regulatory fees | 31,696 | 24,494 | 27,011 | |||||||||
Advertising expense | 21,371 | 20,881 | 22,948 | |||||||||
Merger-related expense | 56,580 | 10,065 | 110 | |||||||||
Amortization of intangibles | 11,603 | 1,167 | 1,059 | |||||||||
Earnout liability adjustments | 10,457 | 11,652 | 5,466 | |||||||||
Loss on early extinguishment of debt, net | 4,592 | — | 23,160 | |||||||||
Foreclosed real estate expense, net | 2,523 | 2,204 | 12,540 | |||||||||
Valuation adjustment to Visa derivative | 3,611 | 2,328 | — | |||||||||
Litigation settlement/contingency expense | — | (4,026 | ) | 701 | ||||||||
Restructuring charges, net | 1,230 | (51 | ) | 7,014 | ||||||||
Other operating expenses | 112,367 | 91,477 | 87,079 | |||||||||
Total non-interest expense | $ | 1,098,968 | $ | 829,455 | $ | 821,313 | ||||||
Table 15 - Non-interest Expense | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Salaries and other personnel expense | $ | 618,214 | $ | 570,036 | $ | 453,420 | ||||||||||||||
Net occupancy, equipment, and software expense | 169,658 | 161,906 | 130,482 | |||||||||||||||||
Third-party processing and other services | 83,034 | 75,696 | 58,625 | |||||||||||||||||
Professional fees | 56,899 | 35,300 | 26,737 | |||||||||||||||||
FDIC insurance and other regulatory fees | 25,210 | 31,696 | 24,494 | |||||||||||||||||
Advertising expense | 14,387 | 21,371 | 20,881 | |||||||||||||||||
Amortization of intangibles | 10,560 | 11,603 | 1,167 | |||||||||||||||||
Goodwill impairment | 44,877 | — | — | |||||||||||||||||
Restructuring charges | 26,991 | 1,230 | (51) | |||||||||||||||||
Loss on early extinguishment of debt | 10,466 | 4,592 | — | |||||||||||||||||
Earnout liability adjustments | 4,908 | 10,457 | 11,652 | |||||||||||||||||
Merger-related expense | — | 56,580 | 10,065 | |||||||||||||||||
Other operating expenses | 114,370 | 118,501 | 91,983 | |||||||||||||||||
Total non-interest expense | $ | 1,179,574 | $ | 1,098,968 | $ | 829,455 | ||||||||||||||
Table 19 - Selected Credit Quality Metrics | ||||||||||||||||||||||||||||||||||||||||||||||||
Table 16 - Selected Credit Quality Metrics | Table 16 - Selected Credit Quality Metrics | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Non-performing loans(1) | $ | 101,636 | $ | 106,733 | $ | 115,561 | $ | 153,378 | $ | 168,370 | ||||||||||||||||||||||||||||||||||||||
Non-performing loans | Non-performing loans | $ | 151,079 | $ | 101,636 | $ | 106,733 | $ | 115,561 | $ | 153,378 | |||||||||||||||||||||||||||||||||||||
Impaired loans held for sale | — | 1,506 | 11,278 | — | — | Impaired loans held for sale | 23,590 | — | 1,506 | 11,278 | — | |||||||||||||||||||||||||||||||||||||
ORE and other assets | 35,810 | 6,220 | 3,758 | 22,308 | 47,030 | ORE and other assets | 17,394 | 35,810 | 6,220 | 3,758 | 22,308 | |||||||||||||||||||||||||||||||||||||
Non-performing assets(1) | $ | 137,446 | $ | 114,459 | $ | 130,597 | $ | 175,686 | $ | 215,400 | ||||||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing(2) | $ | 15,943 | $ | 3,798 | $ | 4,414 | $ | 3,135 | $ | 2,621 | ||||||||||||||||||||||||||||||||||||||
Non-performing assets | Non-performing assets | $ | 192,063 | $ | 137,446 | $ | 114,459 | $ | 130,597 | $ | 175,686 | |||||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | Loans 90 days past due and still accruing | $ | 4,117 | $ | 15,943 | $ | 3,798 | $ | 4,414 | $ | 3,135 | |||||||||||||||||||||||||||||||||||||
As a % of loans | 0.04 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | As a % of loans | 0.01 | % | 0.04 | % | 0.01 | % | 0.02 | % | 0.01 | % | |||||||||||||||||||||||||||
Total past due loans and still accruing(2) | $ | 123,793 | $ | 56,927 | $ | 52,031 | $ | 65,106 | $ | 47,912 | ||||||||||||||||||||||||||||||||||||||
Total past due loans and still accruing | Total past due loans and still accruing | $ | 47,349 | $ | 123,793 | $ | 56,927 | $ | 52,031 | $ | 65,106 | |||||||||||||||||||||||||||||||||||||
As a % of loans | 0.33 | % | 0.22 | % | 0.21 | % | 0.27 | % | 0.21 | % | As a % of loans | 0.12 | % | 0.33 | % | 0.22 | % | 0.21 | % | 0.27 | % | |||||||||||||||||||||||||||
Accruing TDRs | $ | 133,145 | $ | 115,588 | $ | 151,271 | $ | 195,776 | $ | 223,873 | ||||||||||||||||||||||||||||||||||||||
Accruing TDRs(1) | Accruing TDRs(1) | $ | 134,972 | $ | 133,145 | $ | 115,588 | $ | 151,271 | $ | 195,776 | |||||||||||||||||||||||||||||||||||||
Non-performing loans as a % of total loans | 0.27 | % | 0.41 | % | 0.47 | % | 0.64 | % | 0.75 | % | Non-performing loans as a % of total loans | 0.39 | % | 0.27 | % | 0.41 | % | 0.47 | % | 0.64 | % | |||||||||||||||||||||||||||
Non-performing assets as a % of total loans, impaired loans held for sale, ORE, and specific other assets | 0.37 | 0.44 | 0.53 | 0.74 | 0.96 | Non-performing assets as a % of total loans, impaired loans held for sale, ORE, and specific other assets | 0.50 | 0.37 | 0.44 | 0.53 | 0.74 | |||||||||||||||||||||||||||||||||||||
Table 17 - NPAs by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | NPLs | ORE and Other Assets | Impaired Loans Held for Sale | Total NPAs | NPLs | ORE and Other Assets | Total NPAs | ||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 77,386 | $ | 44 | $ | — | $ | 77,430 | $ | 56,186 | $ | 5,962 | $ | 62,148 | |||||||||||||||||||||||||||
Owner-occupied | 20,019 | 739 | — | 20,758 | 9,780 | 1,934 | 11,714 | ||||||||||||||||||||||||||||||||||
Total commercial and industrial | 97,405 | 783 | — | 98,188 | 65,966 | 7,896 | 73,862 | ||||||||||||||||||||||||||||||||||
Investment properties | 24,631 | 251 | 23,590 | 48,472 | 2,024 | 2,069 | 4,093 | ||||||||||||||||||||||||||||||||||
1-4 family properties | 3,619 | — | — | 3,619 | 2,253 | — | 2,253 | ||||||||||||||||||||||||||||||||||
Land and development | 2,163 | 785 | 2,948 | 1,110 | 3,012 | 4,122 | |||||||||||||||||||||||||||||||||||
Total commercial real estate | 30,413 | 1,036 | 23,590 | 55,039 | 5,387 | 5,081 | 10,468 | ||||||||||||||||||||||||||||||||||
Consumer | 23,261 | — | — | 23,261 | 30,283 | 1,396 | 31,679 | ||||||||||||||||||||||||||||||||||
Other assets | — | 15,575 | — | 15,575 | — | 21,437 | 21,437 | ||||||||||||||||||||||||||||||||||
Total | $ | 151,079 | $ | 17,394 | $ | 23,590 | $ | 192,063 | $ | 101,636 | $ | 35,810 | $ | 137,446 | |||||||||||||||||||||||||||
Table 20 - NPAs by Portfolio Class | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||
(in thousands) | NPLs(1) | ORE and Other Assets | Total NPAs(2) | NPLs(1) | Impaired Loans Held for Sale | ORE | Total NPAs(2) | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 56,186 | $ | 5,962 | $ | 62,148 | $ | 69,295 | $ | 132 | $ | — | $ | 69,427 | |||||||||||||
Owner-occupied | 9,780 | 1,934 | 11,714 | 8,971 | — | 1,681 | 10,652 | ||||||||||||||||||||
Total commercial and industrial | 65,966 | 7,896 | 73,862 | 78,266 | 132 | 1,681 | 80,079 | ||||||||||||||||||||
Investment properties | 2,024 | 2,069 | 4,093 | 2,381 | — | — | 2,381 | ||||||||||||||||||||
1-4 family properties | 2,253 | — | 2,253 | 2,381 | 265 | 35 | 2,681 | ||||||||||||||||||||
Land and development | 1,110 | 3,012 | 4,122 | 2,953 | — | 122 | 3,075 | ||||||||||||||||||||
Total commercial real estate | 5,387 | 5,081 | 10,468 | 7,715 | 265 | 157 | 8,137 | ||||||||||||||||||||
Consumer | 30,283 | 1,396 | 31,679 | 20,752 | 1,109 | 4,382 | 26,243 | ||||||||||||||||||||
Other assets | $ | — | 21,437 | 21,437 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Total | $ | 101,636 | $ | 35,810 | $ | 137,446 | $ | 106,733 | $ | 1,506 | $ | 6,220 | $ | 114,459 | |||||||||||||
Table 18 - Accruing TDRs by Risk Grade | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||
Pass | $ | 72,463 | 53.7 | % | $ | 70,574 | 53.0 | % | |||||||||||||||
Special mention | 8,935 | 6.6 | 11,735 | 8.8 | |||||||||||||||||||
Substandard | 53,574 | 39.7 | 50,836 | 38.2 | |||||||||||||||||||
Total accruing TDRs | $ | 134,972 | 100.0 | % | $ | 133,145 | 100.0 | % | |||||||||||||||
Table 21 - Accruing TDRs by Risk Grade | |||||||||||||
December 31, | |||||||||||||
2019 | 2018 | ||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||
Pass | $ | 70,574 | 53.0 | % | $ | 50,668 | 43.9 | % | |||||
Special mention | 11,735 | 8.8 | 14,480 | 12.5 | |||||||||
Substandard | 50,836 | 38.2 | 50,440 | 43.6 | |||||||||
Total accruing TDRs | $ | 133,145 | 100.0 | % | $ | 115,588 | 100.0 | % | |||||
Table 19 - TDRs by Portfolio Class | |||||||||||
December 31, | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Commercial, financial and agricultural | $ | 46,792 | $ | 43,164 | |||||||
Owner-occupied | 44,185 | 49,221 | |||||||||
Total commercial and industrial | 90,977 | 92,385 | |||||||||
Investment properties | 38,212 | 9,753 | |||||||||
1-4 family properties | 4,184 | 4,755 | |||||||||
Land and development | 4,852 | 10,418 | |||||||||
Total commercial real estate | 47,248 | 24,926 | |||||||||
Consumer mortgages | 19,757 | 19,017 | |||||||||
Home equity lines | 8,386 | 7,038 | |||||||||
Other consumer loans | 7,639 | 6,864 | |||||||||
Total consumer | 35,782 | 32,919 | |||||||||
Total TDRs | $ | 174,007 | $ | 150,230 | |||||||
Table 22 - TDRs by Portfolio Class | |||||||
December 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Commercial, financial and agricultural | $ | 43,164 | $ | 34,013 | |||
Owner-occupied | 49,221 | 46,138 | |||||
Total commercial and industrial | 92,385 | 80,151 | |||||
Investment properties | 9,753 | 13,858 | |||||
1-4 family properties | 4,755 | 5,964 | |||||
Land and development | 10,418 | 12,600 | |||||
Total commercial real estate | 24,926 | 32,422 | |||||
Consumer mortgages | 19,017 | 19,134 | |||||
Home equity lines | 7,038 | 2,063 | |||||
Other consumer loans | 6,864 | 8,060 | |||||
Total consumer | 32,919 | 29,257 | |||||
Total TDRs | $ | 150,230 | $ | 141,830 | |||
Table 20 - Criticized and Classified Loans | December 31, | ||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Special mention loans | $ | 977,028 | $ | 225,218 | |||||||
Substandard loans | 553,720 | 385,862 | |||||||||
Doubtful loans | 33,204 | 1,281 | |||||||||
Loss loans | 3,032 | 3,270 | |||||||||
Criticized and Classified loans | $ | 1,566,984 | $ | 615,631 | |||||||
As a % of total loans | 4.1 | % | 1.7 | % | |||||||
Table 23 - Net Charge-offs (Recoveries) by Portfolio Class | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | Amount | %(1) | ||||||||||||||
Commercial, financial and agricultural | $ | 36,718 | 0.38 | % | $ | 39,246 | 0.54 | % | $ | 25,427 | 0.36 | % | ||||||||
Owner-occupied | 5,027 | 0.08 | 2,364 | 0.05 | 17,132 | 0.36 | ||||||||||||||
Total commercial and industrial | 41,745 | 0.26 | 41,610 | 0.34 | 42,559 | 0.36 | ||||||||||||||
Investment properties | 2,432 | 0.03 | 1,301 | 0.02 | 658 | 0.01 | ||||||||||||||
1-4 family properties | (1,158 | ) | (0.14 | ) | (1,785 | ) | (0.24 | ) | 2,678 | 0.32 | ||||||||||
Land and development | (4,352 | ) | (0.71 | ) | (5,296 | ) | (1.32 | ) | 831 | 0.15 | ||||||||||
Total commercial real estate | (3,078 | ) | (0.03 | ) | (5,780 | ) | (0.09 | ) | 4,167 | 0.06 | ||||||||||
Consumer mortgages | 1,726 | 0.03 | 390 | 0.01 | 8,385 | 0.34 | ||||||||||||||
Home equity lines | (115 | ) | (0.01 | ) | 1,795 | 0.12 | 4,328 | 0.28 | ||||||||||||
Credit cards | 7,727 | 2.96 | 4,831 | 2.02 | 4,931 | 2.17 | ||||||||||||||
Other consumer loans | 9,607 | 0.44 | 7,564 | 0.44 | 5,305 | 0.49 | ||||||||||||||
Total consumer | 18,945 | 0.20 | 14,580 | 0.24 | 22,949 | 0.43 | ||||||||||||||
Total net charge-offs | $ | 57,612 | 0.16 | % | $ | 50,410 | 0.20 | % | $ | 69,675 | 0.29 | % | ||||||||
Table 21 - Allowance for Loan Losses – Summary of Activity by Loan Category | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Allowance for loan losses at beginning of year | $ | 281,402 | $ | 250,555 | $ | 249,268 | $ | 251,758 | $ | 252,496 | |||||||||||||||||||
Impact from adoption of ASU 2016-13 | 82,994 | — | — | — | — | ||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 73,513 | 44,035 | 45,831 | 31,154 | 20,058 | ||||||||||||||||||||||||
Owner-occupied | 2,747 | 5,538 | 2,944 | 18,090 | 4,981 | ||||||||||||||||||||||||
Real estate — construction | 3,900 | 769 | 2,341 | 5,294 | 6,815 | ||||||||||||||||||||||||
Real estate — mortgage | 9,313 | 4,770 | 2,067 | 6,899 | 11,401 | ||||||||||||||||||||||||
Total commercial | 89,473 | 55,112 | 53,183 | 61,437 | 43,255 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Real estate — mortgage | 7,795 | 3,885 | 6,165 | 16,901 | 6,071 | ||||||||||||||||||||||||
Consumer loans — credit cards | 8,952 | 8,721 | 5,462 | 5,755 | 5,376 | ||||||||||||||||||||||||
Consumer loans — other | 13,042 | 11,417 | 9,244 | 6,326 | 3,258 | ||||||||||||||||||||||||
Total consumer | 29,789 | 24,023 | 20,871 | 28,982 | 14,705 | ||||||||||||||||||||||||
Total loans charged off | 119,262 | 79,135 | 74,054 | 90,419 | 57,960 | ||||||||||||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 13,167 | 7,317 | 6,585 | 5,727 | 7,803 | ||||||||||||||||||||||||
Owner-occupied | 377 | 510 | 580 | 958 | 1,268 | ||||||||||||||||||||||||
Real estate — construction | 1,278 | 5,245 | 7,351 | 4,173 | 7,846 | ||||||||||||||||||||||||
Real estate — mortgage | 1,579 | 3,373 | 2,837 | 3,853 | 7,380 | ||||||||||||||||||||||||
Total commercial | 16,401 | 16,445 | 17,353 | 14,711 | 24,297 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Real estate — mortgage | 3,896 | 2,273 | 3,980 | 4,188 | 3,184 | ||||||||||||||||||||||||
Consumer loans — credit cards | 1,081 | 995 | 631 | 824 | 876 | ||||||||||||||||||||||||
Consumer loans — other | 3,172 | 1,810 | 1,680 | 1,021 | 865 | ||||||||||||||||||||||||
Total consumer | 8,149 | 5,078 | 6,291 | 6,033 | 4,925 | ||||||||||||||||||||||||
Recoveries of loans previously charged off | 24,550 | 21,523 | 23,644 | 20,744 | 29,222 | ||||||||||||||||||||||||
Net loans charged off | 94,712 | 57,612 | 50,410 | 69,675 | 28,738 | ||||||||||||||||||||||||
Provision for loan losses | 336,052 | 87,720 | 51,697 | 67,185 | 28,000 | ||||||||||||||||||||||||
Transfer of unfunded commitment reserve to allowance for loan losses | — | 739 | — | — | — | ||||||||||||||||||||||||
Allowance for loan losses at end of year | $ | 605,736 | $ | 281,402 | $ | 250,555 | $ | 249,268 | $ | 251,758 | |||||||||||||||||||
Ratios: | |||||||||||||||||||||||||||||
Allowance for loan losses to loans, net of deferred fees and costs | 1.58 | % | 0.76 | % | 0.97 | % | 1.01 | % | 1.06 | % | |||||||||||||||||||
Net charge-offs as a percentage of average loans net of deferred fees and costs | 0.24 | % | 0.16 | % | 0.20 | % | 0.29 | % | 0.12 | % | |||||||||||||||||||
Table 24 - Allowance for Loan Losses – Summary of Activity by Loan Category | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Allowance for loan losses at beginning of year | $ | 250,555 | $ | 249,268 | $ | 251,758 | $ | 252,496 | $ | 261,317 | |||||||||
Loans charged off | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial, financial, and agricultural | 44,035 | 45,831 | 31,154 | 20,058 | 16,589 | ||||||||||||||
Owner-occupied | 5,538 | 2,944 | 18,090 | 4,981 | 5,994 | ||||||||||||||
Real estate — construction | 769 | 2,341 | 5,294 | 6,815 | 9,019 | ||||||||||||||
Real estate — mortgage | 4,770 | 2,067 | 6,899 | 11,401 | 4,979 | ||||||||||||||
Total commercial | 55,112 | 53,183 | 61,437 | 43,255 | 36,581 | ||||||||||||||
Consumer: | |||||||||||||||||||
Real estate — mortgage | 3,885 | 6,165 | 16,901 | 6,071 | 13,020 | ||||||||||||||
Consumer loans — credit cards | 8,721 | 5,462 | 5,755 | 5,376 | 5,382 | ||||||||||||||
Consumer loans — other | 11,417 | 9,244 | 6,326 | 3,258 | 2,356 | ||||||||||||||
Total consumer | 24,023 | 20,871 | 28,982 | 14,705 | 20,758 | ||||||||||||||
Total loans charged off | 79,135 | 74,054 | 90,419 | 57,960 | 57,339 | ||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial, financial, and agricultural | 7,317 | 6,585 | 5,727 | 7,803 | 8,125 | ||||||||||||||
Owner-occupied | 510 | 580 | 958 | 1,268 | 486 | ||||||||||||||
Real estate — construction | 5,245 | 7,351 | 4,173 | 7,846 | 8,202 | ||||||||||||||
Real estate — mortgage | 3,373 | 2,837 | 3,853 | 7,380 | 5,442 | ||||||||||||||
Total commercial | 16,445 | 17,353 | 14,711 | 24,297 | 22,255 | ||||||||||||||
Consumer: | |||||||||||||||||||
Real estate — mortgage | 2,273 | 3,980 | 4,188 | 3,184 | 4,518 | ||||||||||||||
Consumer loans — credit cards | 995 | 631 | 824 | 876 | 1,391 | ||||||||||||||
Consumer loans — other | 1,810 | 1,680 | 1,021 | 865 | 1,344 | ||||||||||||||
Total consumer | 5,078 | 6,291 | 6,033 | 4,925 | 7,253 | ||||||||||||||
Recoveries of loans previously charged off | 21,523 | 23,644 | 20,744 | 29,222 | 29,508 | ||||||||||||||
Net loans charged off | 57,612 | 50,410 | 69,675 | 28,738 | 27,831 | ||||||||||||||
Provision for loan losses | 87,720 | 51,697 | 67,185 | 28,000 | 19,010 | ||||||||||||||
Transfer of unfunded commitment reserve to allowance for loan losses | $ | 739 | $ | — | $ | — | $ | — | $ | — | |||||||||
Allowance for loan losses at end of year | $ | 281,402 | $ | 250,555 | $ | 249,268 | $ | 251,758 | $ | 252,496 | |||||||||
Ratios: | |||||||||||||||||||
Allowance for loan losses to loans, net of deferred fees and costs | 0.76 | % | 0.97 | % | 1.01 | % | 1.06 | % | 1.13 | % | |||||||||
Net charge-offs as a percentage of average loans net of deferred fees and costs | 0.16 | % | 0.20 | % | 0.29 | % | 0.12 | % | 0.13 | % | |||||||||
Table 22 - Allocation of Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | Amount | %(1) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 166,538 | 32.9 | % | $ | 102,612 | 27.6 | % | $ | 92,608 | 28.7 | % | $ | 87,781 | 29.0 | % | $ | 88,208 | 29.0 | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied | 63,017 | 17.8 | 43,170 | 17.6 | 40,515 | 20.5 | 39,022 | 19.5 | 37,570 | 19.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction | 64,872 | 6.0 | 29,286 | 7.2 | 24,278 | 5.5 | 27,518 | 6.5 | 33,827 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - mortgage | 65,870 | 21.5 | 38,144 | 21.0 | 44,518 | 19.8 | 47,479 | 21.5 | 47,989 | 23.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 360,297 | 78.2 | 213,212 | 73.4 | 201,919 | 74.5 | 201,800 | 76.5 | 207,594 | 79.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - mortgage | 179,167 | 18.3 | 32,528 | 19.5 | 24,752 | 17.1 | 24,771 | 16.7 | 28,381 | 16.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans - credit cards | 32,391 | 0.7 | 16,246 | 0.7 | 12,613 | 1.0 | 10,378 | 0.9 | 8,936 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans - other | 33,881 | 2.8 | 19,416 | 6.4 | 11,271 | 7.4 | 12,319 | 5.9 | 6,847 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 245,439 | 21.8 | 68,190 | 26.6 | 48,636 | 25.5 | 47,468 | 23.5 | 44,164 | 20.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 605,736 | 100.0 | % | $ | 281,402 | 100.0 | % | $ | 250,555 | 100.0 | % | $ | 249,268 | 100.0 | % | $ | 251,758 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Table 25 - Allocation of Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | Amount | %(1) | Amount | %(1) | Amount | %(1) | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 102,612 | 27.6 | % | $ | 92,608 | 28.7 | % | $ | 87,781 | 29.0 | % | $ | 88,208 | 29.0 | % | $ | 83,859 | 28.8 | % | ||||||||||||||
Owner-occupied | 43,170 | 17.6 | 40,515 | 20.5 | 39,022 | 19.5 | 37,570 | 19.4 | 39,130 | 19.2 | ||||||||||||||||||||||||
Real estate — construction | 29,286 | 6.9 | 24,278 | 5.5 | 27,518 | 6.5 | 33,827 | 7.1 | 38,354 | 9.7 | ||||||||||||||||||||||||
Real estate — mortgage | 38,144 | 21.3 | 44,518 | 19.8 | 47,479 | 21.5 | 47,989 | 23.7 | 48,779 | 23.2 | ||||||||||||||||||||||||
Total commercial | 213,212 | 73.4 | 201,919 | 74.5 | 201,800 | 76.5 | 207,594 | 79.2 | 210,122 | 80.9 | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||
Real estate — mortgage | 32,528 | 19.5 | 24,752 | 17.1 | 24,771 | 16.7 | 28,381 | 16.4 | 29,579 | 16.1 | ||||||||||||||||||||||||
Consumer loans — credit cards | 16,246 | 0.7 | 12,613 | 1.0 | 10,378 | 0.9 | 8,936 | 1.0 | 8,604 | 1.1 | ||||||||||||||||||||||||
Consumer loans — other | 19,416 | 6.4 | 11,271 | 7.4 | 12,319 | 5.9 | 6,847 | 3.4 | 4,191 | 1.9 | ||||||||||||||||||||||||
Total consumer | 68,190 | 26.6 | 48,636 | 25.5 | 47,468 | 23.5 | 44,164 | 20.8 | 42,374 | 19.1 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 281,402 | 100.0 | % | $ | 250,555 | 100.0 | % | $ | 249,268 | 100.0 | % | $ | 251,758 | 100.0 | % | $ | 252,496 | 100.0 | % | ||||||||||||||
Table 23 - Capital Ratios | |||||||||||
(dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
CET1 capital | |||||||||||
Synovus Financial Corp. | $ | 4,034,865 | $ | 3,743,459 | |||||||
Synovus Bank | 4,641,711 | 4,640,501 | |||||||||
Tier 1 risk-based capital | |||||||||||
Synovus Financial Corp. | 4,572,010 | 4,280,604 | |||||||||
Synovus Bank | 4,641,711 | 4,640,501 | |||||||||
Total risk-based capital | |||||||||||
Synovus Financial Corp. | 5,604,230 | 5,123,381 | |||||||||
Synovus Bank | 5,361,611 | 4,923,279 | |||||||||
CET1 capital ratio | |||||||||||
Synovus Financial Corp. | 9.66 | % | 8.95 | % | |||||||
Synovus Bank | 11.11 | 11.10 | |||||||||
Tier 1 risk-based capital ratio | |||||||||||
Synovus Financial Corp. | 10.95 | 10.23 | |||||||||
Synovus Bank | 11.11 | 11.10 | |||||||||
Total risk-based capital to risk-weighted assets ratio | |||||||||||
Synovus Financial Corp. | 13.42 | 12.25 | |||||||||
Synovus Bank | 12.83 | 11.78 | |||||||||
Leverage ratio | |||||||||||
Synovus Financial Corp. | 8.50 | 9.16 | |||||||||
Synovus Bank | 8.73 | 9.94 | |||||||||
Tangible common equity to tangible assets ratio(1) | |||||||||||
Synovus Financial Corp. | 7.66 | 8.08 | |||||||||
Table 26 – Capital Ratios | |||||||
(dollars in thousands) | December 31, 2019 | December 31, 2018 | |||||
CET1 capital (transitional) | |||||||
Synovus Financial Corp. | $ | 3,743,459 | $ | 2,897,997 | |||
Synovus Bank | 4,640,501 | 3,382,497 | |||||
Tier 1 risk-based capital | |||||||
Synovus Financial Corp. | 4,280,604 | 3,090,416 | |||||
Synovus Bank | 4,640,501 | 3,382,497 | |||||
Total risk-based capital | |||||||
Synovus Financial Corp. | 5,123,381 | 3,601,376 | |||||
Synovus Bank | 4,923,279 | 3,633,457 | |||||
CET1 capital ratio (transitional) | |||||||
Synovus Financial Corp. | 8.95 | % | 9.95 | % | |||
Synovus Bank | 11.10 | 11.62 | |||||
Tier 1 risk-based capital ratio | |||||||
Synovus Financial Corp. | 10.23 | 10.61 | |||||
Synovus Bank | 11.10 | 11.62 | |||||
Total risk-based capital to risk-weighted assets ratio | |||||||
Synovus Financial Corp. | 12.25 | 12.37 | |||||
Synovus Bank | 11.78 | 12.49 | |||||
Leverage ratio | |||||||
Synovus Financial Corp. | 9.16 | 9.60 | |||||
Synovus Bank | 9.94 | 10.51 | |||||
Tangible common equity to tangible assets ratio(1) | |||||||
Synovus Financial Corp. | 8.08 | 8.81 | |||||
Table 24 - Contractual Cash Obligations | |||||||||||||||||||||||||||||
Payments Due After December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | 1 Year or Less | Over 1 - 3 Years | 4 - 5 Years | After 5 Years | Total | ||||||||||||||||||||||||
Long-term debt obligations | $ | 44,433 | $ | 775,058 | $ | 51,803 | $ | 613,866 | $ | 1,485,160 | |||||||||||||||||||
Finance lease obligations | 839 | 645 | 250 | 93 | 1,827 | ||||||||||||||||||||||||
Operating lease obligations | 30,806 | 58,694 | 54,257 | 414,201 | 557,958 | ||||||||||||||||||||||||
Minimum lease obligations related to operating leases not yet commenced | 1,198 | 2,760 | 2,906 | 9,789 | 16,653 | ||||||||||||||||||||||||
Purchase commitments(1) | 67,152 | 39,687 | 15,127 | — | 121,966 | ||||||||||||||||||||||||
Commitments to fund low income housing, solar energy tax credit, and other CRA partnerships(2) | 90,898 | 41,201 | 447 | 1,400 | 133,946 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 235,326 | $ | 918,045 | $ | 124,790 | $ | 1,039,349 | $ | 2,317,510 | |||||||||||||||||||
Table 27 - Contractual Cash Obligations | |||||||||||||||||||
Payments Due After December 31, 2019 | |||||||||||||||||||
(in thousands) | 1 Year or Less | Over 1 - 3 Years | 4 - 5 Years | After 5 Years | Total | ||||||||||||||
Long-term debt obligations | $ | 660,592 | $ | 1,090,573 | $ | 64,888 | $ | 657,903 | $ | 2,473,956 | |||||||||
Other short-term borrowings | 1,756,126 | — | — | — | 1,756,126 | ||||||||||||||
Finance lease obligations | 2,756 | 1,303 | 305 | 218 | 4,582 | ||||||||||||||
Operating lease obligations | 30,190 | 57,263 | 52,566 | 417,177 | 557,196 | ||||||||||||||
Minimum lease obligations related to operating leases not yet commenced | 406 | 1,595 | 1,617 | 17,315 | 20,933 | ||||||||||||||
Purchase commitments(1) | 62,074 | 52,442 | 29,691 | 19,027 | 163,234 | ||||||||||||||
Commitments to fund low income housing, solar energy tax credit, and other CRA partnerships(2) | 44,381 | 23,150 | 6,361 | 4,374 | 78,266 | ||||||||||||||
Total contractual cash obligations | $ | 2,556,525 | $ | 1,226,326 | $ | 155,428 | $ | 1,116,014 | $ | 5,054,293 | |||||||||
Table 28 - Short-term Borrowings | ||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Balance at December 31, | $ | 1,919,250 | $ | 887,692 | $ | 261,190 | ||||||
Weighted average interest rate at December 31, | 1.60 | % | 1.93 | % | 0.65 | % | ||||||
Maximum month end balance during the year | $ | 2,431,012 | $ | 887,692 | $ | 390,044 | ||||||
Average amount outstanding during the year | 1,360,214 | 371,933 | 256,011 | |||||||||
Weighted average interest rate during the year | 1.93 | % | 0.96 | % | 0.37 | % | ||||||
Table 25 - Loan Maturities and Interest Rate Sensitivity | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | One Year Or Less | Over One Year Through Five Years | Over Five Years | Total | |||||||||||||||||||
Selected loan categories: | |||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,058,927 | $ | 7,636,616 | $ | 2,879,356 | $ | 12,574,899 | |||||||||||||||
Owner-occupied | 1,050,990 | 3,592,789 | 2,155,001 | 6,798,780 | |||||||||||||||||||
Real estate - construction | 734,998 | 1,449,611 | 134,697 | 2,319,306 | |||||||||||||||||||
Real estate - mortgage | 1,800,327 | 4,541,768 | 1,909,033 | 8,251,128 | |||||||||||||||||||
Total commercial | $ | 5,645,242 | $ | 17,220,784 | $ | 7,078,087 | $ | 29,944,113 | |||||||||||||||
Loans due after one year: | |||||||||||||||||||||||
Having predetermined interest rates | $ | 10,638,350 | |||||||||||||||||||||
Having floating or adjustable interest rates | 13,660,521 | ||||||||||||||||||||||
Total | $ | 24,298,871 | |||||||||||||||||||||
Table 29 - Loan Maturities and Interest Rate Sensitivity | |||||||||||||||
December 31, 2019 | |||||||||||||||
(in thousands) | One Year Or Less | Over One Year Through Five Years | �� | Over Five Years | Total | ||||||||||
Selected loan categories: | |||||||||||||||
Commercial, financial, and agricultural | $ | 2,315,798 | $ | 5,334,562 | $ | 2,602,499 | $ | 10,252,859 | |||||||
Owner-occupied | 920,069 | 3,343,944 | 2,265,798 | 6,529,811 | |||||||||||
Real estate - construction | 794,286 | 1,618,269 | 169,459 | 2,582,014 | |||||||||||
Real estate - mortgage | 1,392,831 | 4,559,794 | 1,945,845 | 7,898,470 | |||||||||||
Total commercial | $ | 5,422,984 | $ | 14,856,569 | $ | 6,983,601 | $ | 27,263,154 | |||||||
Loans due after one year: | |||||||||||||||
Having predetermined interest rates | $ | 9,094,426 | |||||||||||||
Having floating or adjustable interest rates | 12,745,744 | ||||||||||||||
Total | $ | 21,840,170 | |||||||||||||
Table 30 - Quarterly Financial Data | 2019 | ||||||||||||||
(in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||
Interest income | $ | 506,253 | $ | 523,415 | $ | 516,131 | $ | 504,839 | |||||||
Interest expense | 106,984 | 121,318 | 118,869 | 107,664 | |||||||||||
Net interest income | 399,269 | 402,097 | 397,262 | 397,175 | |||||||||||
Provision for loan losses | 24,470 | 27,562 | 12,119 | 23,569 | |||||||||||
Non-interest income | 97,955 | 88,760 | 89,807 | 79,378 | |||||||||||
Non-interest expense | 266,122 | 276,310 | 264,126 | 292,410 | |||||||||||
Income before income taxes | 206,632 | 186,985 | 210,824 | 160,574 | |||||||||||
Income tax expense | 54,948 | 51,259 | 54,640 | 40,388 | |||||||||||
Net income | 151,684 | 135,726 | 156,184 | 120,186 | |||||||||||
Preferred stock dividends | 8,290 | 8,291 | 3,150 | 3,150 | |||||||||||
Net income available to common shareholders | 143,394 | 127,435 | 153,034 | 117,036 | |||||||||||
Net income per common share, basic | 0.98 | 0.84 | 0.97 | 0.73 | |||||||||||
Net income per common share, diluted | 0.97 | 0.83 | 0.96 | 0.72 |
2018 | |||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||
Interest income | $ | 357,395 | $ | 343,942 | $ | 329,834 | $ | 313,134 | |||||||
Interest expense | 59,462 | 52,323 | 45,257 | 38,850 | |||||||||||
Net interest income | 297,933 | 291,619 | 284,577 | 274,284 | |||||||||||
Provision for loan losses | 12,149 | 14,982 | 11,790 | 12,776 | |||||||||||
Non-interest income | 67,992 | 71,668 | 73,387 | 67,046 | |||||||||||
Non-interest expense | 209,922 | 220,297 | 204,057 | 195,179 | |||||||||||
Income before income taxes | 143,854 | 128,008 | 142,117 | 133,375 | |||||||||||
Income tax expense | 38,784 | 18,949 | 30,936 | 30,209 | |||||||||||
Net income | 105,070 | 109,059 | 111,181 | 103,166 | |||||||||||
Preferred stock dividends and redemption charge | 3,151 | 9,729 | 2,559 | 2,559 | |||||||||||
Net income available to common shareholders | 101,919 | 99,330 | 108,622 | 100,607 | |||||||||||
Net income per common share, basic | 0.88 | 0.85 | 0.92 | 0.85 | |||||||||||
Net income per common share, diluted | 0.87 | 0.84 | 0.91 | 0.84 | |||||||||||
Table 31 - Reconciliation of Non-GAAP Financial Measures | |||||||
Years Ended December 31, | |||||||
(dollars in thousands) | 2019 | 2018 | |||||
Adjusted non-interest income | |||||||
Total non-interest income | $ | 355,900 | $ | 280,093 | |||
Add: Investment securities losses, net | 7,659 | 1,296 | |||||
Subtract/add: Gain on sale and (increase) decrease in fair value of private equity investments, net | (11,607 | ) | 4,743 | ||||
Adjusted non-interest income | $ | 351,952 | $ | 286,132 | |||
Adjusted non-interest expense | |||||||
Total non-interest expense | $ | 1,098,968 | $ | 829,455 | |||
Subtract: Earnout liability adjustments | (10,457 | ) | (11,652 | ) | |||
Subtract: Merger-related expense | (56,580 | ) | (10,065 | ) | |||
Add: Litigation settlement/contingency expense | — | 4,026 | |||||
Subtract/add: Restructuring charges, net | (1,230 | ) | 51 | ||||
Subtract: Valuation adjustment to Visa derivative | (3,611 | ) | (2,328 | ) | |||
Subtract: Loss on early extinguishment of debt, net | (4,592 | ) | — | ||||
Adjusted non-interest expense | $ | 1,022,498 | $ | 809,487 | |||
Adjusted total revenues and adjusted tangible efficiency ratio | |||||||
Adjusted non-interest expense | $ | 1,022,498 | $ | 809,487 | |||
Subtract: Amortization of intangibles | (11,603 | ) | (1,167 | ) | |||
Adjusted tangible non-interest expense | 1,010,895 | 808,320 | |||||
Net interest income | 1,595,803 | 1,148,413 | |||||
Add: Tax equivalent adjustment | 3,025 | 553 | |||||
Add: Total non-interest income | 355,900 | 280,093 | |||||
Total FTE revenues | $ | 1,954,728 | $ | 1,429,059 | |||
Add: Investment securities losses, net | 7,659 | 1,296 | |||||
Subtract/add: Gain on sale and (increase) decrease in fair value of private equity investments, net | (11,607 | ) | 4,743 | ||||
Adjusted total revenues | $ | 1,950,780 | $ | 1,435,098 | |||
Efficiency ratio-FTE | 56.22 | % | 58.04 | % | |||
Adjusted tangible efficiency ratio | 51.82 | 56.33 | |||||
Table 31 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||
Years Ended December 31, | |||||||
(in thousands, except per share data) | 2019 | 2018 | |||||
Adjusted return on average assets | |||||||
Net income | $ | 563,780 | $ | 428,476 | |||
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118 | 4,402 | (9,148 | ) | ||||
Add: Earnout liability adjustments | 10,457 | 11,652 | |||||
Add: Merger-related expense | 56,580 | 10,065 | |||||
Subtract: Litigation settlement/contingency expense | — | (4,026 | ) | ||||
Add/subtract: Restructuring charges, net | 1,230 | (51 | ) | ||||
Add: Valuation adjustment to Visa derivative | 3,611 | 2,328 | |||||
Add: Loss on early extinguishment of debt, net | 4,592 | — | |||||
Add: Investment securities losses, net | 7,659 | 1,296 | |||||
Subtract/add: Gain on sale and (increase) decrease in fair value of private equity investments, net | (11,607 | ) | 4,743 | ||||
Subtract: Tax effect of adjustments | (9,343 | ) | (1,008 | ) | |||
Adjusted net income | $ | 631,361 | $ | 444,327 | |||
Total average assets | $ | 46,791,930 | $ | 31,668,847 | |||
Return on average assets | 1.20 | % | 1.35 | % | |||
Adjusted return on average assets | 1.35 | 1.40 | |||||
Adjusted net income available to common shareholders and adjusted net income per common share, diluted | |||||||
Net income available to common shareholders | $ | 540,899 | $ | 410,478 | |||
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118 | 4,402 | (9,148 | ) | ||||
Add: Earnout liability adjustments | 10,457 | 11,652 | |||||
Add: Preferred stock redemption charge | — | 4,020 | |||||
Add: Merger-related expense | 56,580 | 10,065 | |||||
Subtract: Litigation settlement/contingency expense | — | (4,026 | ) | ||||
Add/subtract: Restructuring charges, net | 1,230 | (51 | ) | ||||
Add: Valuation adjustment to Visa derivative | 3,611 | 2,328 | |||||
Add: Loss on early extinguishment of debt, net | 4,592 | — | |||||
Add: Investment securities losses, net | 7,659 | 1,296 | |||||
Subtract/add: Gain on sale and (increase) decrease in fair value of private equity investments, net | (11,607 | ) | 4,743 | ||||
Subtract: Tax effect of adjustments | (9,343 | ) | (1,008 | ) | |||
Adjusted net income available to common shareholders | $ | 608,480 | $ | 430,349 | |||
Weighted average common shares outstanding, diluted | 156,058 | 118,378 | |||||
Net income per common share, diluted | $ | 3.47 | $ | 3.47 | |||
Adjusted net income per common share, diluted | 3.90 | 3.64 | |||||
Table 31 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||
Years Ended December 31, | |||||||
(dollars in thousands) | 2019 | 2018 | |||||
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 | $ | 540,899 | $ | 410,478 | |||
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118 | 4,402 | (9,148 | ) | ||||
Add: Preferred stock redemption charge | — | 4,020 | |||||
Add: Earnout liability adjustments | 10,457 | 11,652 | |||||
Add: Merger-related expense | 56,580 | 10,065 | |||||
Subtract: Litigation settlement/contingency expense | — | (4,026 | ) | ||||
Add/subtract: Restructuring charges, net | 1,230 | (51 | ) | ||||
Add: Valuation adjustment to Visa derivative | 3,611 | 2,328 | |||||
Add: Loss on early extinguishment of debt, net | 4,592 | — | |||||
Add: Investment securities losses, net | 7,659 | 1,296 | |||||
Subtract/add: Gain on sale and (increase) decrease in fair value of private equity investments, net | (11,607 | ) | 4,743 | ||||
Subtract: Tax effect of adjustments | (9,343 | ) | (1,008 | ) | |||
Adjusted net income available to common shareholders | $ | 608,480 | $ | 430,349 | |||
Add: Amortization of intangibles | 8,598 | 893 | |||||
Adjusted net income available to common shareholders excluding amortization of intangibles | $ | 617,078 | $ | 431,242 | |||
Net income available to common shareholders | $ | 540,899 | $ | 410,478 | |||
Add: Amortization of intangibles | 8,598 | 893 | |||||
Net income available to common shareholders excluding amortization of intangibles | $ | 549,497 | $ | 411,371 | |||
Total average shareholders' equity less preferred stock | $ | 4,384,458 | $ | 2,821,311 | |||
Subtract: Goodwill | (487,126 | ) | (57,315 | ) | |||
Subtract: Other intangible assets, net | (65,553 | ) | (10,424 | ) | |||
Total average tangible shareholders' equity less preferred stock | $ | 3,831,779 | $ | 2,753,572 | |||
Return on average common equity | 12.34 | % | 14.55 | % | |||
Adjusted return on average common equity | 13.88 | 15.25 | |||||
Return on average tangible common equity | 14.34 | 14.94 | |||||
Adjusted return on average tangible common equity | 16.10 | 15.66 | |||||
Table 31 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||||||||
December 31, | |||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Tangible common equity to tangible assets ratio | |||||||||||||||||||
Total assets | $ | 48,203,282 | $ | 32,669,192 | $ | 31,221,837 | $ | 30,104,002 | $ | 28,792,653 | |||||||||
Subtract: Goodwill | (497,267 | ) | (57,315 | ) | (57,315 | ) | (59,678 | ) | (24,431 | ) | |||||||||
Subtract: Other intangible assets, net | (55,671 | ) | (9,875 | ) | (11,254 | ) | (13,223 | ) | (471 | ) | |||||||||
Tangible assets | $ | 47,650,344 | $ | 32,602,002 | $ | 31,153,268 | $ | 30,031,101 | $ | 28,767,751 | |||||||||
Total shareholders’ equity | $ | 4,941,690 | $ | 3,133,602 | $ | 2,961,566 | $ | 2,927,924 | $ | 3,000,196 | |||||||||
Subtract: Goodwill | (497,267 | ) | (57,315 | ) | (57,315 | ) | (59,678 | ) | (24,431 | ) | |||||||||
Subtract: Other intangible assets, net | (55,671 | ) | (9,875 | ) | (11,254 | ) | (13,223 | ) | (471 | ) | |||||||||
Subtract: Preferred Stock, no par value | (537,145 | ) | (195,140 | ) | (125,980 | ) | (125,980 | ) | (125,980 | ) | |||||||||
Tangible common equity | $ | 3,851,607 | $ | 2,871,272 | $ | 2,767,017 | $ | 2,729,043 | $ | 2,849,314 | |||||||||
Total shareholders’ equity to total assets ratio | 10.25 | % | 9.59 | % | 9.49 | % | 9.73 | % | 10.42 | % | |||||||||
Tangible common equity to tangible assets ratio | 8.08 | 8.81 | 8.88 | 9.09 | 9.90 |
(dollars in thousands) | December 31, 2019 | ||
CET1 ratio (fully phased-in) | |||
CET1 | $ | 3,743,459 | |
Total risk-weighted assets | $ | 41,831,642 | |
Total risk-weighted assets (fully phased-in) | $ | 41,903,568 | |
CET1 ratio | 8.95 | % | |
CET1 ratio (fully phased-in) | 8.93 | ||
Table 26 - Reconciliation of Non-GAAP Financial Measures | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Adjusted non-interest revenue | |||||||||||
Total non-interest revenue | $ | 506,513 | $ | 355,900 | |||||||
Subtract/add: Investment securities (gains) losses, net | (78,931) | 7,659 | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | (4,775) | (11,607) | |||||||||
Adjusted non-interest revenue | $ | 422,807 | $ | 351,952 | |||||||
Adjusted non-interest expense | |||||||||||
Total non-interest expense | $ | 1,179,574 | $ | 1,098,968 | |||||||
Subtract: Earnout liability adjustments | (4,908) | (10,457) | |||||||||
Subtract: Goodwill impairment | (44,877) | — | |||||||||
Subtract: Merger-related expense | — | (56,580) | |||||||||
Subtract: Restructuring charges | (26,991) | (1,230) | |||||||||
Subtract: Valuation adjustment to Visa derivative | (890) | (3,611) | |||||||||
Subtract: Loss on early extinguishment of debt | (10,466) | (4,592) | |||||||||
Adjusted non-interest expense | $ | 1,091,442 | $ | 1,022,498 | |||||||
Adjusted total revenues and adjusted tangible efficiency ratio | |||||||||||
Adjusted non-interest expense | $ | 1,091,442 | $ | 1,022,498 | |||||||
Subtract: Amortization of intangibles | (10,560) | (11,603) | |||||||||
Adjusted tangible non-interest expense | 1,080,882 | 1,010,895 | |||||||||
Net interest income | 1,512,748 | 1,595,803 | |||||||||
Add: Tax equivalent adjustment | 3,424 | 3,025 | |||||||||
Add: Total non-interest revenue | 506,513 | 355,900 | |||||||||
Total FTE revenues | $ | 2,022,685 | $ | 1,954,728 | |||||||
Subtract/add: Investment securities (gains) losses, net | (78,931) | 7,659 | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | (4,775) | (11,607) | |||||||||
Adjusted total revenues | $ | 1,938,979 | $ | 1,950,780 | |||||||
Efficiency ratio-FTE | 58.32 | % | 56.22 | % | |||||||
Adjusted tangible efficiency ratio | 55.74 | 51.82 | |||||||||
Table 26 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands, except per share data) | 2020 | 2019 | |||||||||
Adjusted return on average assets | |||||||||||
Net income | $ | 373,695 | $ | 563,780 | |||||||
Add: Income tax expense, net related to State Tax Reform | — | 4,402 | |||||||||
Add: Earnout liability adjustments | 4,908 | 10,457 | |||||||||
Add: Goodwill impairment | 44,877 | — | |||||||||
Add: Merger-related expense | — | 56,580 | |||||||||
Add: Restructuring charges | 26,991 | 1,230 | |||||||||
Add: Valuation adjustment to Visa derivative | 890 | 3,611 | |||||||||
Add: Loss on early extinguishment of debt | 10,466 | 4,592 | |||||||||
Subtract/add: Investment securities (gains) losses, net | (78,931) | 7,659 | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | (4,775) | (11,607) | |||||||||
Add/subtract: Tax effect of adjustments | 11,748 | (9,343) | |||||||||
Adjusted net income | $ | 389,869 | $ | 631,361 | |||||||
Total average assets | $ | 52,138,038 | $ | 46,791,930 | |||||||
Return on average assets | 0.72 | % | 1.20 | % | |||||||
Adjusted return on average assets | 0.75 | 1.35 | |||||||||
Adjusted net income available to common shareholders and adjusted net income per common share, diluted | |||||||||||
Net income available to common shareholders | $ | 340,532 | $ | 540,899 | |||||||
Add: Income tax expense, net related to State Tax Reform | — | 4,402 | |||||||||
Add: Earnout liability adjustments | 4,908 | 10,457 | |||||||||
Add: Goodwill impairment | 44,877 | — | |||||||||
Add: Merger-related expense | — | 56,580 | |||||||||
Add: Restructuring charges | 26,991 | 1,230 | |||||||||
Add: Valuation adjustment to Visa derivative | 890 | 3,611 | |||||||||
Add: Loss on early extinguishment of debt | 10,466 | 4,592 | |||||||||
Subtract/add: Investment securities (gains) losses, net | (78,931) | 7,659 | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | (4,775) | (11,607) | |||||||||
Add/subtract: Tax effect of adjustments | 11,748 | (9,343) | |||||||||
Adjusted net income available to common shareholders | $ | 356,706 | $ | 608,480 | |||||||
Weighted average common shares outstanding, diluted | 148,210 | 156,058 | |||||||||
Net income per common share, diluted | $ | 2.30 | $ | 3.47 | |||||||
Adjusted net income per common share, diluted | 2.41 | 3.90 | |||||||||
Table 26 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
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 | $ | 340,532 | $ | 540,899 | |||||||
Add: Income tax expense, net related to State Tax Reform | — | 4,402 | |||||||||
Add: Earnout liability adjustments | 4,908 | 10,457 | |||||||||
Add: Goodwill impairment | 44,877 | — | |||||||||
Add: Merger-related expense | — | 56,580 | |||||||||
Add: Restructuring charges | 26,991 | 1,230 | |||||||||
Add: Valuation adjustment to Visa derivative | 890 | 3,611 | |||||||||
Add: Loss on early extinguishment of debt | 10,466 | 4,592 | |||||||||
Subtract/add: Investment securities (gains) losses, net | (78,931) | 7,659 | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | (4,775) | (11,607) | |||||||||
Add/subtract: Tax effect of adjustments | 11,748 | (9,343) | |||||||||
Adjusted net income available to common shareholders | $ | 356,706 | $ | 608,480 | |||||||
Add: Amortization of intangibles | 7,825 | 8,598 | |||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles | $ | 364,531 | $ | 617,078 | |||||||
Net income available to common shareholders | $ | 340,532 | $ | 540,899 | |||||||
Add: Amortization of intangibles | 7,825 | 8,598 | |||||||||
Net income available to common shareholders excluding amortization of intangibles | $ | 348,357 | $ | 549,497 | |||||||
Total average shareholders' equity less preferred stock | $ | 4,534,935 | $ | 4,384,458 | |||||||
Subtract: Goodwill | (485,987) | (487,126) | |||||||||
Subtract: Other intangible assets, net | (50,427) | (65,553) | |||||||||
Total average tangible shareholders' equity less preferred stock | $ | 3,998,521 | $ | 3,831,779 | |||||||
Return on average common equity | 7.51 | % | 12.34 | % | |||||||
Adjusted return on average common equity | 7.87 | 13.88 | |||||||||
Return on average tangible common equity | 8.71 | 14.34 | |||||||||
Adjusted return on average tangible common equity | 9.12 | 16.10 | |||||||||
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Tangible common equity to tangible assets ratio | |||||||||||
Total assets | $ | 54,394,159 | $ | 48,203,282 | |||||||
Subtract: Goodwill | (452,390) | (497,267) | |||||||||
Subtract: Other intangible assets, net | (45,112) | (55,671) | |||||||||
Tangible assets | $ | 53,896,657 | $ | 47,650,344 | |||||||
Total shareholders’ equity | $ | 5,161,334 | $ | 4,941,690 | |||||||
Subtract: Goodwill | (452,390) | (497,267) | |||||||||
Subtract: Other intangible assets, net | (45,112) | (55,671) | |||||||||
Subtract: Preferred Stock, no par value | (537,145) | (537,145) | |||||||||
Tangible common equity | $ | 4,126,687 | $ | 3,851,607 | |||||||
Total shareholders’ equity to total assets ratio | 9.49 | % | 10.25 | % | |||||||
Tangible common equity to tangible assets ratio | 7.66 | 8.08 |
Table 27 - Twelve Month Net Interest Income Sensitivity | ||||||||||||||
Change in Interest Rates (in basis points) | Estimated Change in Net Interest Income As of December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
+200 | 6.8% | 2.8% | ||||||||||||
+100 | 3.5% | 2.0% | ||||||||||||
Flat | —% | —% | ||||||||||||
-25 | (0.5)% | N/A | ||||||||||||
Table 32 - Twelve Month Net Interest Income Sensitivity(1) | ||||
Change in Short-term Interest Rates (in basis points) | Estimated Change in Net Interest Income As of December 31, | |||
2019 | 2018 | |||
+200 | 2.8% | 3.4% | ||
+100 | 2.0% | 2.0% | ||
Flat | —% | —% | ||
-100 | -2.5% | -2.0% | ||
-200 | -4.7% | N/A | ||
December 31, | ||||||||
(in thousands, except share and per share data) | 2019 | 2018 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 535,846 | $ | 468,426 | ||||
Interest-bearing funds with Federal Reserve Bank | 553,390 | 641,476 | ||||||
Interest earning deposits with banks | 20,635 | 19,841 | ||||||
Federal funds sold and securities purchased under resale agreements | 77,047 | 13,821 | ||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,186,918 | 1,143,564 | ||||||
Investment securities available for sale, at fair value | 6,778,670 | 3,991,632 | ||||||
Mortgage loans held for sale, at fair value | 115,173 | 37,129 | ||||||
Loans, net of deferred fees and costs | 37,162,450 | 25,946,573 | ||||||
Allowance for loan losses | (281,402 | ) | (250,555 | ) | ||||
Loans, net | 36,881,048 | 25,696,018 | ||||||
Cash surrender value of bank-owned life insurance | 775,665 | 554,134 | ||||||
Premises and equipment | 493,940 | 434,307 | ||||||
Goodwill | 497,267 | 57,315 | ||||||
Other intangible assets | 55,671 | 9,875 | ||||||
Other assets | 1,418,930 | 745,218 | ||||||
Total assets | $ | 48,203,282 | $ | 32,669,192 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities | ||||||||
Deposits: | ||||||||
Non-interest-bearing deposits | $ | 9,439,485 | $ | 7,650,967 | ||||
Interest-bearing deposits | 28,966,019 | 19,069,355 | ||||||
Total deposits | 38,405,504 | 26,720,322 | ||||||
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 237,692 | ||||||
Other short-term borrowings | 1,753,560 | 650,000 | ||||||
Long-term debt | 2,153,897 | 1,657,157 | ||||||
Other liabilities | 782,941 | 270,419 | ||||||
Total liabilities | 43,261,592 | 29,535,590 | ||||||
Shareholders' Equity | ||||||||
Preferred Stock - no par value; authorized 100,000,000 shares; issued 22,000,000 and 8,000,000 | 537,145 | 195,140 | ||||||
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 166,800,623 and 143,300,449; outstanding 147,157,596 and 115,865,510 | 166,801 | 143,300 | ||||||
Additional paid-in capital | 3,819,336 | 3,060,561 | ||||||
Treasury stock, at cost; 19,643,027 and 27,434,939 shares | (715,560 | ) | (1,014,746 | ) | ||||
Accumulated other comprehensive income (loss), net | 65,641 | (94,420 | ) | |||||
Retained earnings | 1,068,327 | 843,767 | ||||||
Total shareholders’ equity | 4,941,690 | 3,133,602 | ||||||
Total liabilities and shareholders' equity | $ | 48,203,282 | $ | 32,669,192 | ||||
Years Ended December 31, | ||||||||||||
(in thousands, except per share data) | 2019 | 2018 | 2017 | |||||||||
Interest income: | ||||||||||||
Loans, including fees | $ | 1,817,285 | $ | 1,226,648 | $ | 1,064,276 | ||||||
Investment securities available for sale | 208,826 | 96,928 | 82,699 | |||||||||
Mortgage loans held for sale | 3,233 | 1,950 | 1,926 | |||||||||
Federal Reserve Bank balances | 10,384 | 10,156 | 6,470 | |||||||||
Other earning assets | 10,910 | 8,623 | 7,126 | |||||||||
Total interest income | 2,050,638 | 1,344,305 | 1,162,497 | |||||||||
Interest expense: | ||||||||||||
Deposits | 356,949 | 143,871 | 81,325 | |||||||||
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 26,185 | 3,553 | 950 | |||||||||
Long-term debt | 71,701 | 48,468 | 56,913 | |||||||||
Total interest expense | 454,835 | 195,892 | 139,188 | |||||||||
Net interest income | 1,595,803 | 1,148,413 | 1,023,309 | |||||||||
Provision for loan losses | 87,720 | 51,697 | 67,185 | |||||||||
Net interest income after provision for loan losses | 1,508,083 | 1,096,716 | 956,124 | |||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 88,190 | 80,840 | 81,419 | |||||||||
Fiduciary and asset management fees | 58,388 | 54,685 | 50,485 | |||||||||
Card fees | 45,659 | 42,503 | 39,376 | |||||||||
Brokerage revenue | 41,608 | 35,366 | 29,266 | |||||||||
Mortgage banking income | 32,599 | 18,958 | 22,798 | |||||||||
Capital markets income | 30,529 | 5,803 | 5,632 | |||||||||
Income from bank-owned life insurance | 21,226 | 15,403 | 13,460 | |||||||||
Cabela's Transaction Fee | — | — | 75,000 | |||||||||
Investment securities losses, net | (7,659 | ) | (1,296 | ) | (289 | ) | ||||||
Other non-interest income | 45,360 | 27,831 | 28,180 | |||||||||
Total non-interest income | 355,900 | 280,093 | 345,327 | |||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 570,036 | 453,420 | 433,321 | |||||||||
Net occupancy and equipment expense | 161,906 | 130,482 | 119,964 | |||||||||
Third-party processing and other services | 75,696 | 58,625 | 54,708 | |||||||||
Professional fees | 35,300 | 26,737 | 26,232 | |||||||||
FDIC insurance and other regulatory fees | 31,696 | 24,494 | 27,011 | |||||||||
Advertising expense | 21,371 | 20,881 | 22,948 | |||||||||
Merger-related expense | 56,580 | 10,065 | 110 | |||||||||
Loss on early extinguishment of debt, net | 4,592 | — | 23,160 | |||||||||
Other operating expenses | 141,791 | 104,751 | 113,859 | |||||||||
Total non-interest expense | 1,098,968 | 829,455 | 821,313 | |||||||||
Income before income taxes | 765,015 | 547,354 | 480,138 | |||||||||
Income tax expense | 201,235 | 118,878 | 204,664 | |||||||||
Net income | 563,780 | 428,476 | 275,474 | |||||||||
Less: Preferred stock dividends and redemption charge | 22,881 | 17,998 | 10,238 | |||||||||
Net income available to common shareholders | $ | 540,899 | $ | 410,478 | $ | 265,236 | ||||||
Net income per common share, basic | $ | 3.50 | $ | 3.49 | $ | 2.19 | ||||||
Net income per common share, diluted | 3.47 | 3.47 | 2.17 | |||||||||
Weighted average common shares outstanding, basic | 154,331 | 117,644 | 121,162 | |||||||||
Weighted average common shares outstanding, diluted | 156,058 | 118,378 | 122,012 | |||||||||
December 31, | ||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 531,625 | $ | 535,846 | ||||||||||
Interest-bearing funds with Federal Reserve Bank | 3,586,565 | 553,390 | ||||||||||||
Interest earning deposits with banks | 20,944 | 20,635 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 113,783 | 77,047 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 4,252,917 | 1,186,918 | ||||||||||||
Investment securities available for sale, at fair value | 7,962,438 | 6,778,670 | ||||||||||||
Loans held for sale (includes $216,647 and $115,173, measured at fair value, respectively) | 760,123 | 115,173 | ||||||||||||
Loans, net of deferred fees and costs | 38,252,984 | 37,162,450 | ||||||||||||
Allowance for loan losses | (605,736) | (281,402) | ||||||||||||
Loans, net | 37,647,248 | 36,881,048 | ||||||||||||
Cash surrender value of bank-owned life insurance | 1,049,373 | 775,665 | ||||||||||||
Premises, equipment and software, net | 463,959 | 493,940 | ||||||||||||
Goodwill | 452,390 | 497,267 | ||||||||||||
Other intangible assets, net | 45,112 | 55,671 | ||||||||||||
Other assets | 1,760,599 | 1,418,930 | ||||||||||||
Total assets | $ | 54,394,159 | $ | 48,203,282 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing deposits | $ | 13,477,854 | $ | 9,439,485 | ||||||||||
Interest-bearing deposits | 33,213,717 | 28,966,019 | ||||||||||||
Total deposits | 46,691,571 | 38,405,504 | ||||||||||||
Securities sold under repurchase agreements | 227,922 | 165,690 | ||||||||||||
Other short-term borrowings | 7,717 | 1,753,560 | ||||||||||||
Long-term debt | 1,202,494 | 2,153,897 | ||||||||||||
Other liabilities | 1,103,121 | 782,941 | ||||||||||||
Total liabilities | 49,232,825 | 43,261,592 | ||||||||||||
Shareholders’ Equity | ||||||||||||||
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 | 537,145 | ||||||||||||
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 168,132,522 and 166,800,623; outstanding 148,039,495 and 147,157,596 | 168,133 | 166,801 | ||||||||||||
Additional paid-in capital | 3,851,208 | 3,819,336 | ||||||||||||
Treasury stock, at cost; 20,093,027 and 19,643,027 shares | (731,806) | (715,560) | ||||||||||||
Accumulated other comprehensive income, net | 158,635 | 65,641 | ||||||||||||
Retained earnings | 1,178,019 | 1,068,327 | ||||||||||||
Total shareholders’ equity | 5,161,334 | 4,941,690 | ||||||||||||
Total liabilities and shareholders' equity | $ | 54,394,159 | $ | 48,203,282 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans, including fees | $ | 1,600,462 | $ | 1,817,285 | $ | 1,226,648 | ||||||||||||||
Investment securities available for sale | 178,575 | 208,826 | 96,928 | |||||||||||||||||
Loans held for sale | 15,078 | 3,254 | 1,983 | |||||||||||||||||
Federal Reserve Bank balances | 2,839 | 10,384 | 10,156 | |||||||||||||||||
Other earning assets | 7,541 | 10,889 | 8,590 | |||||||||||||||||
Total interest income | 1,804,495 | 2,050,638 | 1,344,305 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 217,777 | 356,949 | 143,871 | |||||||||||||||||
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 7,917 | 26,185 | 3,553 | |||||||||||||||||
Long-term debt | 66,053 | 71,701 | 48,468 | |||||||||||||||||
Total interest expense | 291,747 | 454,835 | 195,892 | |||||||||||||||||
Net interest income | 1,512,748 | 1,595,803 | 1,148,413 | |||||||||||||||||
Provision for credit losses(1) | 355,022 | 87,720 | 51,697 | |||||||||||||||||
Net interest income after provision for credit losses | 1,157,726 | 1,508,083 | 1,096,716 | |||||||||||||||||
Non-interest revenue: | ||||||||||||||||||||
Service charges on deposit accounts | 73,132 | 88,190 | 80,840 | |||||||||||||||||
Fiduciary and asset management fees | 63,251 | 58,388 | 54,685 | |||||||||||||||||
Card fees | 42,702 | 45,659 | 42,503 | |||||||||||||||||
Brokerage revenue | 44,781 | 41,608 | 35,366 | |||||||||||||||||
Mortgage banking income | 91,413 | 32,599 | 18,958 | |||||||||||||||||
Capital markets income | 27,336 | 30,529 | 5,803 | |||||||||||||||||
Income from bank-owned life insurance | 31,297 | 21,226 | 15,403 | |||||||||||||||||
Investment securities gains (losses), net | 78,931 | (7,659) | (1,296) | |||||||||||||||||
Other non-interest revenue | 53,670 | 45,360 | 27,831 | |||||||||||||||||
Total non-interest revenue | 506,513 | 355,900 | 280,093 | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and other personnel expense | 618,214 | 570,036 | 453,420 | |||||||||||||||||
Net occupancy, equipment, and software expense | 169,658 | 161,906 | 130,482 | |||||||||||||||||
Third-party processing and other services | 83,034 | 75,696 | 58,625 | |||||||||||||||||
Professional fees | 56,899 | 35,300 | 26,737 | |||||||||||||||||
FDIC insurance and other regulatory fees | 25,210 | 31,696 | 24,494 | |||||||||||||||||
Advertising expense | 14,387 | 21,371 | 20,881 | |||||||||||||||||
Goodwill impairment | 44,877 | 0 | 0 | |||||||||||||||||
Restructuring charges | 26,991 | 1,230 | (51) | |||||||||||||||||
Merger-related expense | 0 | 56,580 | 10,065 | |||||||||||||||||
Other operating expenses | 140,304 | 145,153 | 104,802 | |||||||||||||||||
Total non-interest expense | 1,179,574 | 1,098,968 | 829,455 | |||||||||||||||||
Income before income taxes | 484,665 | 765,015 | 547,354 | |||||||||||||||||
Income tax expense | 110,970 | 201,235 | 118,878 | |||||||||||||||||
Net income | 373,695 | 563,780 | 428,476 | |||||||||||||||||
Less: Preferred stock dividends | 33,163 | 22,881 | 17,998 | |||||||||||||||||
Net income available to common shareholders | $ | 340,532 | $ | 540,899 | $ | 410,478 | ||||||||||||||
Net income per common share, basic | $ | 2.31 | $ | 3.50 | $ | 3.49 | ||||||||||||||
Net income per common share, diluted | 2.30 | 3.47 | 3.47 | |||||||||||||||||
Weighted average common shares outstanding, basic | 147,415 | 154,331 | 117,644 | |||||||||||||||||
Weighted average common shares outstanding, diluted | 148,210 | 156,058 | 118,378 | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | (in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 765,015 | $ | (201,235 | ) | $ | 563,780 | $ | 547,354 | $ | (118,878 | ) | $ | 428,476 | $ | 480,138 | $ | (204,664 | ) | $ | 275,474 | Net income | $ | 484,665 | $ | (110,970) | $ | 373,695 | $ | 765,015 | $ | (201,235) | $ | 563,780 | $ | 547,354 | $ | (118,878) | $ | 428,476 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | Unrealized gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | Net unrealized gains (losses) arising during the period | 108,626 | (28,135) | 80,491 | 217,501 | (56,331) | 161,170 | (44,565) | 11,542 | (33,023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | Reclassification adjustment for realized (gains) losses included in net income | (78,931) | 20,443 | (58,488) | 7,659 | (1,984) | 5,675 | 1,296 | (336) | 960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | Net change | 29,695 | (7,692) | 22,003 | 225,160 | (58,315) | 166,845 | (43,269) | 11,206 | (32,063) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (8,570 | ) | 2,220 | (6,350 | ) | — | — | — | — | — | — | Net unrealized gains (losses) arising during the period | 99,193 | (25,691) | 73,502 | (8,570) | 2,220 | (6,350) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | — | — | — | — | — | — | 130 | (50 | ) | 80 | Reclassification adjustment for realized (gains) losses included in net income | (2,765) | 716 | (2,049) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (8,570 | ) | 2,220 | (6,350 | ) | — | — | — | 130 | (50 | ) | 80 | Net change | 96,428 | (24,975) | 71,453 | (8,570) | 2,220 | (6,350) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 217,501 | (56,331 | ) | 161,170 | (44,565 | ) | 11,542 | (33,023 | ) | 1,038 | (362 | ) | 676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | 7,659 | (1,984 | ) | 5,675 | 1,296 | (336 | ) | 960 | 289 | (111 | ) | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | 225,160 | (58,315 | ) | 166,845 | (43,269 | ) | 11,206 | (32,063 | ) | 1,327 | (473 | ) | 854 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-retirement unfunded health benefit: | Post-retirement unfunded health benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial gains (losses), net arising during the period | (510 | ) | 132 | (378 | ) | (46 | ) | 12 | (34 | ) | 61 | (23 | ) | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial gains (losses) arising during the period | Actuarial gains (losses) arising during the period | 0 | 0 | 0 | (510) | 132 | (378) | (46) | 12 | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (70 | ) | 14 | (56 | ) | (132 | ) | 34 | (98 | ) | (110 | ) | 43 | (67 | ) | Reclassification adjustment for realized (gains) losses included in net income | (618) | 156 | (462) | (70) | 14 | (56) | (132) | 34 | (98) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (580 | ) | 146 | (434 | ) | (178 | ) | 46 | (132 | ) | (49 | ) | 20 | (29 | ) | Net change | (618) | 156 | (462) | (580) | 146 | (434) | (178) | 46 | (132) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | 216,010 | $ | (55,949 | ) | $ | 160,061 | $ | (43,447 | ) | $ | 11,252 | $ | (32,195 | ) | $ | 1,408 | $ | (503 | ) | $ | 905 | Total other comprehensive income (loss) | $ | 125,505 | $ | (32,511) | $ | 92,994 | $ | 216,010 | $ | (55,949) | $ | 160,061 | $ | (43,447) | $ | 11,252 | $ | (32,195) | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 723,841 | $ | 396,281 | $ | 276,379 | Comprehensive income | $ | 466,689 | $ | 723,841 | $ | 396,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 125,980 | $ | 142,678 | $ | 3,043,129 | $ | (839,674) | $ | (54,754) | $ | 544,207 | $ | 2,961,566 | |||||||||||||||||||||||||||
Cumulative-effect adjustment from adoption of ASU 2014-09, Revenue from Contracts with Customers, net of tax | — | — | — | — | — | (685) | (685) | ||||||||||||||||||||||||||||||||||
Reclassification from adoption of ASU 2018-02 | — | — | — | — | (7,588) | 7,588 | 0 | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of ASU 2016-01 | — | — | — | — | 117 | (117) | 0 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 428,476 | 428,476 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss), net of income taxes | — | — | — | — | (32,195) | — | (32,195) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.00 per share | — | — | — | — | — | (117,355) | (117,355) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (13,978) | (13,978) | ||||||||||||||||||||||||||||||||||
Redemption of Series C Preferred Stock | (125,980) | — | — | — | — | (4,020) | (130,000) | ||||||||||||||||||||||||||||||||||
Issuance of Series D Preferred Stock, net of issuance costs | 195,140 | — | — | — | — | — | 195,140 | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (175,072) | — | — | (175,072) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | 199 | 7,228 | — | — | — | 7,427 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 297 | (8,452) | — | — | (349) | (8,504) | ||||||||||||||||||||||||||||||||||
Stock options exercised | — | 126 | 2,013 | — | — | — | 2,139 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 16,643 | — | — | — | 16,643 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 195,140 | $ | 143,300 | $ | 3,060,561 | $ | (1,014,746) | $ | (94,420) | $ | 843,767 | $ | 3,133,602 | |||||||||||||||||||||||||||
Cumulative-effect of change in accounting principle for leases (ASU 2016-02), net of tax | — | — | — | — | — | 4,270 | 4,270 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 563,780 | 563,780 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 160,061 | — | 160,061 | ||||||||||||||||||||||||||||||||||
FCB acquisition: | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | 22,043 | 682,103 | — | — | — | 704,146 | ||||||||||||||||||||||||||||||||||
Common stock reissued | — | — | — | 1,014,746 | — | (137,176) | 877,570 | ||||||||||||||||||||||||||||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | — | — | 43,972 | — | — | — | 43,972 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.20 per share | — | — | — | — | — | (183,091) | (183,091) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (22,881) | (22,881) | ||||||||||||||||||||||||||||||||||
Issuance of Series E Preferred Stock, net of issuance costs | 342,005 | — | — | — | — | — | 342,005 | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (725,398) | — | — | (725,398) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | 344 | 11,502 | — | — | — | 11,846 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 302 | (8,831) | — | — | (326) | (8,855) | ||||||||||||||||||||||||||||||||||
Stock options/warrants exercised, net | — | 812 | 15,364 | — | — | — | 16,176 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (9,822) | 9,838 | — | (16) | 0 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 24,487 | — | — | — | 24,487 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 537,145 | $ | 166,801 | $ | 3,819,336 | $ | (715,560) | $ | 65,641 | $ | 1,068,327 | $ | 4,941,690 | |||||||||||||||||||||||||||
Cumulative-effect of change in accounting principle for credit losses (ASU 2016-13), net of tax(2) | — | — | — | — | — | (35,721) | (35,721) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 373,695 | 373,695 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 92,994 | — | 92,994 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.32 per share | — | — | — | — | — | (194,658) | (194,658) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (33,163) | (33,163) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (16,246) | — | — | (16,246) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | 379 | 8,316 | — | — | — | 8,695 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 389 | (7,503) | — | — | (461) | (7,575) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 564 | 12,418 | — | — | — | 12,982 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 18,641 | — | — | — | 18,641 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 537,145 | $ | 168,133 | $ | 3,851,208 | $ | (731,806) | $ | 158,635 | $ | 1,178,019 | $ | 5,161,334 |
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI | Retained Earnings | Total | ||||||||||||||||||||
Balance at December 31, 2016 | $ | 125,980 | $ | 142,026 | $ | 3,028,405 | $ | (664,595 | ) | $ | (55,659 | ) | $ | 351,767 | $ | 2,927,924 | |||||||||||
Net income | — | — | — | — | — | 275,474 | 275,474 | ||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 905 | — | 905 | ||||||||||||||||||||
Cash dividends declared on common stock - $0.60 per share | — | — | — | — | — | (72,506 | ) | (72,506 | ) | ||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (10,238 | ) | (10,238 | ) | ||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (175,079 | ) | — | — | (175,079 | ) | ||||||||||||||||||
Issuance of common stock for earnout payment | — | 118 | 5,342 | — | — | — | 5,460 | ||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 336 | (8,039 | ) | — | — | (290 | ) | (7,993 | ) | |||||||||||||||||
Stock options exercised | — | 198 | 3,242 | — | — | — | 3,440 | ||||||||||||||||||||
Share-based compensation expense | — | — | 14,179 | — | — | — | 14,179 | ||||||||||||||||||||
Balance at December 31, 2017 | $ | 125,980 | $ | 142,678 | $ | 3,043,129 | $ | (839,674 | ) | $ | (54,754 | ) | $ | 544,207 | $ | 2,961,566 | |||||||||||
Cumulative-effect adjustment from adoption of ASU 2014-09 | — | — | — | — | — | (685 | ) | (685 | ) | ||||||||||||||||||
Reclassification from adoption of ASU 2018-02 | — | — | — | — | (7,588 | ) | 7,588 | — | |||||||||||||||||||
Cumulative effect adjustment from adoption of ASU 2016-01 | — | — | — | — | 117 | (117 | ) | — | |||||||||||||||||||
Net income | — | — | — | — | — | 428,476 | 428,476 | ||||||||||||||||||||
Other comprehensive (loss), net of income taxes | — | — | — | — | (32,195 | ) | — | (32,195 | ) | ||||||||||||||||||
Cash dividends declared on common stock - $1.00 per share | — | — | — | — | — | (117,355 | ) | (117,355 | ) | ||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (13,978 | ) | (13,978 | ) | ||||||||||||||||||
Redemption of Series C Preferred Stock | (125,980 | ) | — | — | — | — | (4,020 | ) | (130,000 | ) | |||||||||||||||||
Issuance of Series D Preferred Stock, net of issuance costs | 195,140 | — | — | — | — | — | 195,140 | ||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (175,072 | ) | — | — | (175,072 | ) | ||||||||||||||||||
Issuance of common stock for earnout payment | — | 199 | 7,228 | — | — | — | 7,427 | ||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 297 | (8,452 | ) | — | — | (349 | ) | (8,504 | ) | |||||||||||||||||
Stock options exercised | — | 126 | 2,013 | — | — | — | 2,139 | ||||||||||||||||||||
Share-based compensation expense | — | — | 16,643 | — | — | — | 16,643 | ||||||||||||||||||||
Balance at December 31, 2018 | $ | 195,140 | $ | 143,300 | $ | 3,060,561 | $ | (1,014,746 | ) | $ | (94,420 | ) | $ | 843,767 | $ | 3,133,602 | |||||||||||
Cumulative-effect adjustment from adoption of ASU 2016-02 | — | — | — | — | — | 4,270 | 4,270 | ||||||||||||||||||||
Net income | — | — | — | — | — | 563,780 | 563,780 | ||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 160,061 | — | 160,061 | ||||||||||||||||||||
FCB Acquisition: | |||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | 22,043 | 682,103 | — | — | — | 704,146 | ||||||||||||||||||||
Common stock reissued | — | — | — | 1,014,746 | — | (137,176 | ) | 877,570 | |||||||||||||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | — | — | 43,972 | — | — | — | 43,972 | ||||||||||||||||||||
Cash dividends declared on common stock - $1.20 per share | — | — | — | — | — | (183,091 | ) | (183,091 | ) | ||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (22,881 | ) | (22,881 | ) | ||||||||||||||||||
Issuance of Series E Preferred Stock, net of issuance costs | 342,005 | — | — | — | — | — | 342,005 | ||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (725,398 | ) | — | — | (725,398 | ) | ||||||||||||||||||
Issuance of common stock for earnout payment | — | 344 | 11,502 | — | — | — | 11,846 | ||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 302 | (8,831 | ) | — | — | (326 | ) | (8,855 | ) | |||||||||||||||||
Stock options exercised | — | 812 | 15,364 | — | — | — | 16,176 | ||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (9,822 | ) | 9,838 | — | (16 | ) | — | ||||||||||||||||||
Share-based compensation expense | — | — | 24,487 | — | — | — | 24,487 | ||||||||||||||||||||
Balance at December 31, 2019 | $ | 537,145 | $ | 166,801 | $ | 3,819,336 | $ | (715,560 | ) | $ | 65,641 | $ | 1,068,327 | $ | 4,941,690 | ||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 373,695 | $ | 563,780 | $ | 428,476 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 355,022 | 87,720 | 51,697 | ||||||||||||||
Depreciation, amortization, and accretion, net | 106,107 | 8,079 | 55,172 | ||||||||||||||
Deferred income tax (benefit) expense | (86,192) | 86,633 | 36,215 | ||||||||||||||
Originations of loans held for sale | (3,466,170) | (872,105) | (543,073) | ||||||||||||||
Proceeds from sales of loans held for sale | 2,936,398 | 816,223 | 565,672 | ||||||||||||||
Gain on sales of loans held for sale, net | (67,115) | (21,448) | (12,291) | ||||||||||||||
Increase in other assets | (411,632) | (127,636) | (83,957) | ||||||||||||||
Increase in other liabilities | 281,866 | 43,066 | 22,202 | ||||||||||||||
Investment securities (gains) losses, net | (78,931) | 7,659 | 1,296 | ||||||||||||||
Share-based compensation expense | 18,641 | 24,487 | 16,643 | ||||||||||||||
Other | 55,343 | 4,592 | 0 | ||||||||||||||
Net cash provided by operating activities | 17,032 | 621,050 | 538,052 | ||||||||||||||
Investing Activities | |||||||||||||||||
Net cash received in business combination, net of cash paid | 0 | 201,100 | 0 | ||||||||||||||
Proceeds from maturities and principal collections of investment securities available for sale | 2,291,536 | 1,102,651 | 603,099 | ||||||||||||||
Proceeds from sales of investment securities available for sale | 4,054,670 | 2,923,787 | 35,066 | ||||||||||||||
Purchases of investment securities available for sale | (7,441,163) | (4,300,021) | (700,194) | ||||||||||||||
Proceeds from sales of loans | 1,426,954 | 74,123 | 22,915 | ||||||||||||||
Purchases of loans | (126,152) | (667,954) | (265,934) | ||||||||||||||
Net increase in loans | (2,461,302) | (1,361,693) | (969,326) | ||||||||||||||
Net purchases of Federal Reserve Bank stock | (658) | (55,335) | (25,500) | ||||||||||||||
Net redemptions (purchases) of Federal Home Loan Bank stock | 129,710 | (45,856) | (282) | ||||||||||||||
Net (purchases) proceeds from settlement of bank-owned life insurance policies | (242,300) | 16,637 | 2,412 | ||||||||||||||
Net increase in premises, equipment and software | (30,102) | (61,208) | (53,159) | ||||||||||||||
Other | 45,834 | 19,907 | 12,854 | ||||||||||||||
Net cash used in investing activities | (2,352,973) | (2,153,862) | (1,338,049) | ||||||||||||||
Financing Activities | |||||||||||||||||
Net increase in deposits | 8,284,519 | 797,612 | 571,897 | ||||||||||||||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 62,232 | (101,142) | 76,502 | ||||||||||||||
Net (decrease) increase in other short-term borrowings | (1,745,843) | 1,103,560 | 550,000 | ||||||||||||||
Repayments and redemption of long-term debt | (2,408,939) | (157,226) | (2,230,052) | ||||||||||||||
Proceeds from issuance of long-term debt, net | 1,445,492 | 497,045 | 2,280,000 | ||||||||||||||
Dividends paid to common shareholders | (189,967) | (167,923) | (106,224) | ||||||||||||||
Dividends paid to preferred shareholders | (33,163) | (17,741) | (13,978) | ||||||||||||||
Proceeds from issuance (redemption) of preferred stock, net | 0 | 342,005 | 65,140 | ||||||||||||||
Issuances, net of taxes paid, under equity compensation plans | 5,407 | 7,321 | (6,365) | ||||||||||||||
Repurchase of common stock | (16,246) | (725,398) | (175,072) | ||||||||||||||
Other | (1,552) | (1,947) | (1,220) | ||||||||||||||
Net cash provided by financing activities | 5,401,940 | 1,576,166 | 1,010,628 | ||||||||||||||
Increase in cash and cash equivalents including restricted cash | 3,065,999 | 43,354 | 210,631 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 1,186,918 | 1,143,564 | 932,933 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 4,252,917 | $ | 1,186,918 | $ | 1,143,564 | |||||||||||
Supplemental Disclosures: | |||||||||||||||||
Income taxes paid | $ | 110,828 | $ | 101,781 | $ | 41,008 | |||||||||||
Interest paid | 319,282 | 464,712 | 180,241 | ||||||||||||||
Non-cash Activities: | |||||||||||||||||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | 0 | 1,625,688 | 0 | ||||||||||||||
Loans foreclosed and transferred to other real estate | 2,163 | 19,423 | 13,168 | ||||||||||||||
Loans transferred to loans held for sale at fair value | 49,821 | 72,707 | 12,568 | ||||||||||||||
Dividends declared on common stock during the year but paid after year-end | 48,834 | 44,143 | 28,966 | ||||||||||||||
Dividends declared on preferred stock during the year but paid after year-end | 5,141 | 5,141 | 0 |
Years Ended December 31, | |||||||||||
(in thousands) | 2019(1) | 2018 | 2017 | ||||||||
Operating Activities | |||||||||||
Net income | $ | 563,780 | $ | 428,476 | $ | 275,474 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for loan losses | 87,720 | 51,697 | 67,185 | ||||||||
Depreciation, amortization, and accretion, net | 8,079 | 55,172 | 59,121 | ||||||||
Deferred income tax expense | 86,633 | 36,215 | 231,056 | ||||||||
Originations of mortgage loans held for sale | (872,105 | ) | (543,073 | ) | (622,564 | ) | |||||
Proceeds from sales of mortgage loans held for sale | 816,223 | 565,672 | 642,193 | ||||||||
Gain on sales of mortgage loans held for sale, net | (21,448 | ) | (12,291 | ) | (13,450 | ) | |||||
Increase in other assets | (127,636 | ) | (83,957 | ) | (74,090 | ) | |||||
Increase in other liabilities | 43,066 | 22,202 | 28,651 | ||||||||
Investment securities losses, net | 7,659 | 1,296 | 289 | ||||||||
Loss on early extinguishment of debt, net | 4,592 | — | 23,160 | ||||||||
Share-based compensation expense | 24,487 | 16,643 | 14,179 | ||||||||
Net cash provided by operating activities | 621,050 | 538,052 | 631,204 | ||||||||
Investing Activities | |||||||||||
Net cash received in business combination, net of cash paid | 201,100 | — | — | ||||||||
Proceeds from maturities and principal collections of investment securities available for sale | 1,102,651 | 603,099 | 632,875 | ||||||||
Proceeds from sales of investment securities available for sale | 2,923,787 | 35,066 | 812,293 | ||||||||
Purchases of investment securities available for sale | (4,300,021 | ) | (700,194 | ) | (1,729,902 | ) | |||||
Proceeds from sales of loans | 74,123 | 22,915 | 42,726 | ||||||||
Purchases of loans | (667,954 | ) | (265,934 | ) | (494,687 | ) | |||||
Proceeds from sales of other real estate and other assets | 19,907 | 12,854 | 17,480 | ||||||||
Net increase in loans excluding loans acquired in business combination | (1,361,693 | ) | (969,326 | ) | (565,895 | ) | |||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (55,335 | ) | (25,500 | ) | 7,438 | ||||||
Net (purchases) redemptions of Federal Reserve Bank stock | (45,856 | ) | (282 | ) | 2,984 | ||||||
Proceeds from settlement (purchases) of bank-owned life insurance policies | 16,637 | 2,412 | (148,110 | ) | |||||||
Net increase in premises and equipment | (61,208 | ) | (53,159 | ) | (51,106 | ) | |||||
Net cash used in investing activities | (2,153,862 | ) | (1,338,049 | ) | (1,473,904 | ) | |||||
Financing Activities | |||||||||||
Net increase in deposits | 797,612 | 571,897 | 1,499,085 | ||||||||
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | (101,142 | ) | 76,502 | 1,491 | |||||||
Net increase in other short-term borrowings | 1,103,560 | 550,000 | 100,000 | ||||||||
Repayments and redemption of long-term debt | (157,226 | ) | (2,230,052 | ) | (2,350,422 | ) | |||||
Proceeds from issuance of long-term debt, net | 497,045 | 2,280,000 | 1,771,866 | ||||||||
Dividends paid to common shareholders | (167,923 | ) | (106,224 | ) | (54,670 | ) | |||||
Dividends paid to preferred shareholders | (17,741 | ) | (13,978 | ) | (10,238 | ) | |||||
Proceeds from issuance of preferred stock | 342,005 | 195,140 | — | ||||||||
Redemption of preferred stock | — | (130,000 | ) | — | |||||||
Stock options and warrants exercised | 16,176 | 2,139 | 3,440 | ||||||||
Earnout payment | (1,947 | ) | (1,220 | ) | (892 | ) | |||||
Repurchase of common stock | (725,398 | ) | (175,072 | ) | (175,079 | ) | |||||
Taxes paid related to net share settlement of equity awards | (8,855 | ) | (8,504 | ) | (7,993 | ) | |||||
Net cash provided by financing activities | 1,576,166 | 1,010,628 | 776,588 | ||||||||
Increase (decrease) in cash and cash equivalents including restricted cash | 43,354 | 210,631 | (66,112 | ) | |||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 1,143,564 | 932,933 | 999,045 | ||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | $ | 1,186,918 | $ | 1,143,564 | $ | 932,933 |
Supplemental Disclosures: | |||||||||||
Income taxes paid | $ | 101,781 | $ | 41,008 | $ | 18,040 | |||||
Interest paid | 464,712 | 180,241 | 143,237 | ||||||||
Non-cash Activities: | |||||||||||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | 1,625,688 | — | — | ||||||||
Loans foreclosed and transferred to other real estate | 19,423 | 13,168 | 7,154 | ||||||||
Premises and equipment transferred to other assets held for sale | 6,139 | 896 | 7,733 | ||||||||
Loans transferred to (from) other loans held for sale at fair value, net | 72,707 | 12,568 | 52,829 | ||||||||
Dividends declared on common stock during the year but paid after year-end | 44,143 | 28,966 | 17,835 | ||||||||
Dividends declared on preferred stock during the year but paid after year-end | 5,141 | — | — | ||||||||
Settlement of earnout payment with shares of common stock | 11,846 | 7,427 | 5,460 | ||||||||
ASU 2016-01 equity investment securities available for sale transferred to other assets | — | 3,162 | — | ||||||||
As of January 1, 2020 | |||||||||||||||||
in thousands | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | As Reported under ASC 326 | ||||||||||||||
Assets | |||||||||||||||||
Allowance for loan losses: | |||||||||||||||||
Commercial and industrial | $ | 145,782 | $ | (2,310) | $ | 143,472 | |||||||||||
Commercial real estate | 67,430 | (651) | 66,779 | ||||||||||||||
Consumer | 68,190 | 85,955 | 154,145 | ||||||||||||||
Total allowance for loan losses | $ | 281,402 | $ | 82,994 | $ | 364,396 | |||||||||||
Liabilities | |||||||||||||||||
Reserve for unfunded commitments | $ | 1,375 | $ | 27,440 | $ | 28,815 | |||||||||||
Allowance for credit losses | $ | 282,777 | $ | 110,434 | $ | 393,211 | |||||||||||
As of January 1, 2020 | |||||||||||||||||
in thousands | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | As Reported under ASC 326 | ||||||||||||||
Loans, net | $ | 36,881,048 | $ | (20,767) | $ | 36,860,281 | |||||||||||
Retained earnings | 1,068,327 | (35,721) | 1,032,606 | ||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. | |||||||
Level 2 | Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. | |||||||
Level 3 | Unobservable inputs that are supported by little, if any, market activity for the asset or liability. |
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Severance charges | $ | 15,645 | $ | 1,097 | $ | (273) | |||||||||||
Lease termination charges | 7,117 | 0 | 136 | ||||||||||||||
Asset impairment charges | 3,374 | 0 | 86 | ||||||||||||||
Other charges | 855 | 133 | 0 | ||||||||||||||
Total restructuring charges | $ | 26,991 | $ | 1,230 | $ | (51) | |||||||||||
(in thousands) | ||||||
Consideration transferred: | ||||||
Synovus common stock issued and reissued from treasury attributed to purchase price(1) | $ | 1,582,133 | ||||
Cash payments to FCB stockholders attributed to purchase price(2) | 173 | |||||
Fair value of exchanged employee and director equity awards and FCB warrants attributed to purchase price(1) | 43,972 | |||||
Total purchase price | $ | 1,626,278 | ||||
Statement of Net Assets Acquired at Fair Value: | ||||||
Assets | ||||||
Cash and cash equivalents | $ | 201,689 | ||||
Investment securities available for sale | 2,301,001 | |||||
Loans | 9,288,028 | |||||
Cash surrender value of bank-owned life insurance | 216,848 | |||||
Premises and equipment | 49,537 | |||||
Core deposit intangible | 57,400 | |||||
Other assets | 264,110 | |||||
Total Assets | $ | 12,378,613 | ||||
Liabilities | ||||||
Deposits | $ | 10,930,724 | ||||
Federal funds purchased and securities sold under repurchase agreements | 29,139 | |||||
Long-term debt | 153,236 | |||||
Other liabilities | 79,188 | |||||
Total Liabilities | $ | 11,192,287 | ||||
Fair value of net identifiable assets acquired | 1,186,326 | |||||
Goodwill | $ | 439,952 | ||||
(in thousands) | Actual from Acquisition Date (January 1, 2019) through December 31, 2019(1) | Pro Forma for the Year Ended December 31, 2018 (unaudited) | |||||
Net interest income | $ | 1,595,803 | $ | 1,570,928 | |||
Non-interest income | 355,900 | 313,584 | |||||
Income before income taxes | 765,015 | 817,212 | |||||
Net income available to common shareholders | 540,899 | 617,812 | |||||
(in thousands) | Severance Charges | Lease Termination Charges | Total | ||||||||||||||
Balance at December 31, 2019 | $ | 1,085 | $ | 940 | $ | 2,025 | |||||||||||
Accruals for voluntary and involuntary termination benefits | 15,645 | 0 | 15,645 | ||||||||||||||
Accruals for lease terminations | 0 | 7,117 | 7,117 | ||||||||||||||
Payments | (7,511) | (2,065) | (9,576) | ||||||||||||||
Balance at December 31, 2020 | $ | 9,219 | $ | 5,992 | $ | 15,211 | |||||||||||
Years Ended December 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Employment compensation agreements, severance, and other employee benefit costs | $ | 33,127 | $ | 325 | |||
Professional fees | 17,453 | 8,207 | |||||
All other expense(1) | 6,000 | 1,533 | |||||
Total merger-related expense | $ | 56,580 | $ | 10,065 | |||
December 31, 2019 | ||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | — | $ | — | $ | 19,855 | ||||||||
U.S. Government agency securities | 35,499 | 1,042 | — | 36,541 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 56,328 | 560 | (72 | ) | 56,816 | |||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,079,396 | 103,495 | (2,076 | ) | 5,180,815 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 629,706 | 7,349 | (204 | ) | 636,851 | |||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 357,291 | 14,301 | — | 371,592 | ||||||||||||
State and municipal securities | 2,069 | 6 | — | 2,075 | ||||||||||||
Asset-backed securities | 323,237 | 4,315 | (152 | ) | 327,400 | |||||||||||
Corporate debt and other debt securities | 144,410 | 2,317 | (2 | ) | 146,725 | |||||||||||
Total investment securities available for sale | $ | 6,647,791 | $ | 133,385 | $ | (2,506 | ) | $ | 6,778,670 | |||||||
December 31, 2018 | ||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury securities | $ | 123,436 | $ | — | $ | (1,359 | ) | $ | 122,077 | |||||||
U.S. Government agency securities | 38,021 | 361 | — | 38,382 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 100,060 | 172 | (3,027 | ) | 97,205 | |||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,460,498 | 1,981 | (63,829 | ) | 2,398,650 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 1,215,406 | 2,997 | (29,885 | ) | 1,188,518 | |||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 131,492 | 613 | (2,240 | ) | 129,865 | |||||||||||
Corporate debt and other debt securities | 17,000 | 150 | (215 | ) | 16,935 | |||||||||||
Total investment securities available for sale | $ | 4,085,913 | $ | 6,274 | $ | (100,555 | ) | $ | 3,991,632 | |||||||
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | 0 | $ | 0 | $ | 20,257 | ||||||||||||||||||
U.S. Government agency securities | 79,638 | 2,682 | 0 | 82,320 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 1,216,012 | 7,930 | (5,925) | 1,218,017 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 4,865,858 | 134,188 | 0 | 5,000,046 | ||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 1,245,644 | 15,309 | (10,576) | 1,250,377 | ||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 354,244 | 16,677 | 0 | 370,921 | ||||||||||||||||||||||
Corporate debt securities and other debt securities | 20,211 | 457 | (168) | 20,500 | ||||||||||||||||||||||
Total investment securities available for sale | $ | 7,801,864 | $ | 177,243 | $ | (16,669) | $ | 7,962,438 | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | 0 | $ | 0 | $ | 19,855 | ||||||||||||||||||
U.S. Government agency securities | 35,499 | 1,042 | 0 | 36,541 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 56,328 | 560 | (72) | 56,816 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,079,396 | 103,495 | (2,076) | 5,180,815 | ||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 629,706 | 7,349 | (204) | 636,851 | ||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 357,291 | 14,301 | 0 | 371,592 | ||||||||||||||||||||||
State and municipal securities | 2,069 | 6 | 0 | 2,075 | ||||||||||||||||||||||
Asset-backed securities | 323,237 | 4,315 | (152) | 327,400 | ||||||||||||||||||||||
Corporate debt securities and other debt securities | 144,410 | 2,317 | (2) | 146,725 | ||||||||||||||||||||||
Total investment securities available for sale | $ | 6,647,791 | $ | 133,385 | $ | (2,506) | $ | 6,778,670 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | 566,896 | $ | (5,925) | $ | 0 | $ | 0 | $ | 566,896 | $ | (5,925) | ||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 803,429 | (10,576) | 0 | 0 | 803,429 | (10,576) | ||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,337 | (168) | 0 | 0 | 9,337 | (168) | ||||||||||||||||||||||||||||||||
Total | $ | 1,379,662 | $ | (16,669) | $ | 0 | $ | 0 | $ | 1,379,662 | $ | (16,669) | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | 19,543 | $ | (70) | $ | 355 | $ | (2) | $ | 19,898 | $ | (72) | ||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 768,040 | (2,076) | 0 | 0 | 768,040 | (2,076) | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 57,670 | (204) | 0 | 0 | 57,670 | (204) | ||||||||||||||||||||||||||||||||
Asset-backed securities | 37,156 | (116) | 4,954 | (36) | 42,110 | (152) | ||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,505 | (2) | 0 | 0 | 9,505 | (2) | ||||||||||||||||||||||||||||||||
Total | $ | 891,914 | $ | (2,468) | $ | 5,309 | $ | (38) | $ | 897,223 | $ | (2,506) | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | 19,543 | $ | (70 | ) | $ | 355 | $ | (2 | ) | $ | 19,898 | $ | (72 | ) | |||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 768,040 | (2,076 | ) | — | — | 768,040 | (2,076 | ) | ||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 57,670 | (204 | ) | — | — | 57,670 | (204 | ) | ||||||||||||||||
Asset-backed securities | 37,156 | (116 | ) | 4,954 | (36 | ) | 42,110 | (152 | ) | |||||||||||||||
Corporate debt and other debt securities | 9,505 | (2 | ) | — | — | 9,505 | (2 | ) | ||||||||||||||||
Total | $ | 891,914 | $ | (2,468 | ) | $ | 5,309 | $ | (38 | ) | $ | 897,223 | $ | (2,506 | ) | |||||||||
December 31, 2018 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
U.S. Treasury securities | $ | 39,031 | $ | (118 | ) | $ | 63,570 | $ | (1,241 | ) | $ | 102,601 | $ | (1,359 | ) | |||||||||
Mortgage-backed securities issued by U.S. Government agencies | 2,059 | (2 | ) | 79,736 | (3,025 | ) | 81,795 | (3,027 | ) | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 130,432 | (700 | ) | 2,105,358 | (63,129 | ) | 2,235,790 | (63,829 | ) | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 964,732 | (29,885 | ) | 964,732 | (29,885 | ) | ||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 58,998 | (1,298 | ) | 44,220 | (942 | ) | 103,218 | (2,240 | ) | |||||||||||||||
Corporate debt and other debt securities | — | — | 1,785 | (215 | ) | 1,785 | (215 | ) | ||||||||||||||||
Total | $ | 230,520 | $ | (2,118 | ) | $ | 3,259,401 | $ | (98,437 | ) | $ | 3,489,921 | $ | (100,555 | ) | |||||||||
Distribution of Maturities at December 31, 2019 | ||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | |||||||||||||||
Amortized Cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | — | $ | — | $ | — | $ | 19,855 | ||||||||||
U.S. Government agency securities | 585 | 4,927 | 29,987 | — | 35,499 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 1,625 | 1,022 | 53,681 | 56,328 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 622 | 100,462 | 4,978,312 | 5,079,396 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 320 | 629,386 | 629,706 | |||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 141,867 | 129,205 | 86,219 | 357,291 | |||||||||||||||
State and municipal securities | — | — | 1,059 | 1,010 | 2,069 | |||||||||||||||
Asset-backed securities | — | — | 281,429 | 41,808 | 323,237 | |||||||||||||||
Corporate debt and other debt securities | 24,204 | 109,601 | 8,605 | 2,000 | 144,410 | |||||||||||||||
Total amortized cost | $ | 44,644 | $ | 258,642 | $ | 552,089 | $ | 5,792,416 | $ | 6,647,791 | ||||||||||
Fair Value | ||||||||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | — | $ | — | $ | — | $ | 19,855 | ||||||||||
U.S. Government agency securities | 587 | 4,951 | 31,003 | — | 36,541 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 1,649 | 1,046 | 54,121 | 56,816 | |||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 639 | 102,866 | 5,077,310 | 5,180,815 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 327 | 636,524 | 636,851 | |||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 145,129 | 135,899 | 90,564 | 371,592 | |||||||||||||||
State and municipal securities | — | — | 1,060 | 1,015 | 2,075 | |||||||||||||||
Asset-backed securities | — | — | 284,976 | 42,424 | 327,400 | |||||||||||||||
Corporate debt and other debt securities | 24,266 | 111,511 | 8,843 | 2,105 | 146,725 | |||||||||||||||
Total fair value | $ | 44,708 | $ | 263,879 | $ | 566,020 | $ | 5,904,063 | $ | 6,778,670 | ||||||||||
Distribution of Maturities at December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | |||||||||||||||||||||||||||
Amortized Cost | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | 0 | $ | 0 | $ | 0 | $ | 20,257 | ||||||||||||||||||||||
U.S. Government agency securities | 430 | 2,085 | 77,123 | 0 | 79,638 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 0 | 1,390 | 232 | 1,214,390 | 1,216,012 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 0 | 231 | 83,163 | 4,782,464 | 4,865,858 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 0 | 0 | 225 | 1,245,419 | 1,245,644 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 4,160 | 105,549 | 136,656 | 107,879 | 354,244 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 0 | 9,505 | 8,706 | 2,000 | 20,211 | |||||||||||||||||||||||||||
Total amortized cost | $ | 24,847 | $ | 118,760 | $ | 306,105 | $ | 7,352,152 | $ | 7,801,864 | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | 0 | $ | — | $ | 0 | $ | 20,257 | ||||||||||||||||||||||
U.S. Government agency securities | 432 | 2,112 | 79,776 | 0 | 82,320 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 0 | 1,442 | 242 | 1,216,333 | 1,218,017 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 0 | 236 | 86,192 | 4,913,618 | 5,000,046 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 0 | 0 | 235 | 1,250,142 | 1,250,377 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 4,181 | 109,813 | 142,952 | 113,975 | 370,921 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 0 | 9,337 | 9,142 | 2,021 | 20,500 | |||||||||||||||||||||||||||
Total fair value | $ | 24,870 | $ | 122,940 | $ | 318,539 | $ | 7,496,089 | $ | 7,962,438 | ||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | 4,054,670 | $ | 2,923,787 | $ | 35,066 | ||||||||||||||
Gross realized gains on sales | $ | 85,375 | $ | 10,370 | $ | 0 | ||||||||||||||
Gross realized losses on sales | (6,444) | (18,029) | (1,296) | |||||||||||||||||
Investment securities gains (losses), net | $ | 78,931 | $ | (7,659) | $ | (1,296) | ||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Proceeds from sales of investment securities available for sale | $ | 2,923,787 | $ | 35,066 | $ | 812,293 | ||||||
Gross realized gains on sales | $ | 10,370 | $ | — | $ | 7,942 | ||||||
Gross realized losses on sales | (18,029 | ) | (1,296 | ) | (8,231 | ) | ||||||
Investment securities (losses) gains, net | $ | (7,659 | ) | $ | (1,296 | ) | $ | (289 | ) | |||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,486,261 | $ | 10,256 | $ | 996 | $ | 11,252 | $ | 55,527 | $ | 21,859 | $ | 12,574,899 | ||||||||||||||||||||||||||||||
Owner-occupied | 6,776,756 | 1,913 | 92 | 2,005 | 20,019 | 0 | 6,798,780 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,263,017 | 12,169 | 1,088 | 13,257 | 75,546 | 21,859 | 19,373,679 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,318,994 | 2,751 | 154 | 2,905 | 24,631 | 0 | 9,346,530 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 621,965 | 3,548 | 36 | 3,584 | 2,383 | 1,236 | 629,168 | |||||||||||||||||||||||||||||||||||||
Land and development | 592,151 | 422 | 0 | 422 | 1,899 | 264 | 594,736 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,533,110 | 6,721 | 190 | 6,911 | 28,913 | 1,500 | 10,570,434 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,489,624 | 8,851 | 485 | 9,336 | 8,740 | 0 | 5,507,700 | |||||||||||||||||||||||||||||||||||||
Home equity lines | 1,507,685 | 4,006 | 0 | 4,006 | 12,145 | 0 | 1,523,836 | |||||||||||||||||||||||||||||||||||||
Credit cards | 276,778 | 2,363 | 1,877 | 4,240 | 0 | 0 | 281,018 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 1,062,014 | 9,122 | 477 | 9,599 | 2,376 | 0 | 1,073,989 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,336,101 | 24,342 | 2,839 | 27,181 | 23,261 | 0 | 8,386,543 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 38,132,228 | $ | 43,232 | $ | 4,117 | $ | 47,349 | $ | 127,720 | $ | 23,359 | $ | 38,330,656 | (1) | |||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | ASC 310-30 Loans(2) | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 9,124,285 | $ | 38,916 | $ | 1,206 | $ | 40,122 | $ | 56,017 | $ | 1,019,135 | $ | 10,239,559 | ||||||||||||||||||||||||||||||
Owner-occupied | 5,691,095 | 5,164 | 576 | 5,740 | 9,780 | 823,196 | 6,529,811 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 14,815,380 | 44,080 | 1,782 | 45,862 | 65,797 | 1,842,331 | 16,769,370 | |||||||||||||||||||||||||||||||||||||
Investment properties | 7,264,794 | 1,344 | 0 | 1,344 | 1,581 | 1,736,608 | 9,004,327 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 733,984 | 2,073 | 304 | 2,377 | 2,253 | 41,401 | 780,015 | |||||||||||||||||||||||||||||||||||||
Land and development | 629,363 | 808 | 0 | 808 | 1,110 | 78,161 | 709,442 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 8,628,141 | 4,225 | 304 | 4,529 | 4,944 | 1,856,170 | 10,493,784 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 3,681,553 | 4,223 | 730 | 4,953 | 11,369 | 1,848,493 | 5,546,368 | |||||||||||||||||||||||||||||||||||||
Home equity lines | 1,691,759 | 7,038 | 171 | 7,209 | 12,034 | 2,155 | 1,713,157 | |||||||||||||||||||||||||||||||||||||
Credit cards | 263,065 | 3,076 | 2,700 | 5,776 | 0 | 0 | 268,841 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,363,101 | 18,688 | 616 | 19,304 | 5,704 | 8,185 | 2,396,294 | |||||||||||||||||||||||||||||||||||||
Total consumer | 7,999,478 | 33,025 | 4,217 | 37,242 | 29,107 | 1,858,833 | 9,924,660 | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 31,442,999 | $ | 81,330 | $ | 6,303 | $ | 87,633 | $ | 99,848 | $ | 5,557,334 | $ | 37,187,814 | (3) | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in thousands) | Total Loans | Total Originated Loans | Total Acquired Loans(1) | Total Loans | |||||||||||
Commercial, financial, and agricultural | $ | 10,252,859 | $ | 8,587,087 | $ | 1,665,772 | $ | 7,449,698 | |||||||
Owner-occupied | 6,529,811 | 5,610,592 | 919,219 | 5,331,508 | |||||||||||
Total commercial and industrial | 16,782,670 | 14,197,679 | 2,584,991 | 12,781,206 | |||||||||||
Investment properties | 9,042,679 | 6,495,903 | 2,546,776 | 5,560,951 | |||||||||||
1-4 family properties | 780,015 | 627,182 | 152,833 | 679,870 | |||||||||||
Land and development | 657,790 | 461,691 | 196,099 | 323,670 | |||||||||||
Total commercial real estate | 10,480,484 | 7,584,776 | 2,895,708 | 6,564,491 | |||||||||||
Consumer mortgages | 5,546,368 | 3,629,633 | 1,916,735 | 2,934,235 | |||||||||||
Home equity lines | 1,713,157 | 1,655,096 | 58,061 | 1,515,796 | |||||||||||
Credit cards | 268,841 | 268,841 | — | 258,245 | |||||||||||
Other consumer loans | 2,396,294 | 2,387,749 | 8,545 | 1,916,743 | |||||||||||
Total consumer | 9,924,660 | 7,941,319 | 1,983,341 | 6,625,019 | |||||||||||
Total loans | 37,187,814 | 29,723,774 | 7,464,040 | 25,970,716 | |||||||||||
Deferred fees and costs, net | (25,364 | ) | (25,364 | ) | — | (24,143 | ) | ||||||||
Total loans, net of deferred fees and costs | $ | 37,162,450 | $ | 29,698,410 | $ | 7,464,040 | $ | 25,946,573 | |||||||
Current, Accruing Past Due, and Non-accrual Originated Loans | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
( in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 8,511,218 | $ | 20,180 | $ | 1,206 | $ | 21,386 | $ | 54,483 | $ | 8,587,087 | ||||||||||||
Owner-occupied | 5,595,072 | 5,164 | 576 | 5,740 | 9,780 | 5,610,592 | ||||||||||||||||||
Total commercial and industrial | 14,106,290 | 25,344 | 1,782 | 27,126 | 64,263 | 14,197,679 | ||||||||||||||||||
Investment properties | 6,492,978 | 1,344 | — | 1,344 | 1,581 | 6,495,903 | ||||||||||||||||||
1-4 family properties | 622,552 | 2,073 | 304 | 2,377 | 2,253 | 627,182 | ||||||||||||||||||
Land and development | 459,773 | 808 | — | 808 | 1,110 | 461,691 | ||||||||||||||||||
Total commercial real estate | 7,575,303 | 4,225 | 304 | 4,529 | 4,944 | 7,584,776 | ||||||||||||||||||
Consumer mortgages | 3,613,311 | 4,223 | 730 | 4,953 | 11,369 | 3,629,633 | ||||||||||||||||||
Home equity lines | 1,636,786 | 6,105 | 171 | 6,276 | 12,034 | 1,655,096 | ||||||||||||||||||
Credit cards | 263,065 | 3,076 | 2,700 | 5,776 | — | 268,841 | ||||||||||||||||||
Other consumer loans | 2,362,741 | 18,688 | 616 | 19,304 | 5,704 | 2,387,749 | ||||||||||||||||||
Total consumer | 7,875,903 | 32,092 | 4,217 | 36,309 | 29,107 | 7,941,319 | ||||||||||||||||||
Total loans | $ | 29,557,496 | $ | 61,661 | $ | 6,303 | $ | 67,964 | $ | 98,314 | $ | 29,723,774 | (1) | |||||||||||
Current, Accruing Past Due, and Non-accrual Acquired Loans | ||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | ASC 310-30 Loans(2) | Discount/Premium | Total | ||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 623,539 | $ | 18,736 | $ | — | $ | 18,736 | $ | 1,534 | $ | 1,029,125 | $ | (7,162 | ) | $ | 1,665,772 | |||||||||||||||
Owner-occupied | 96,513 | — | — | — | — | 828,483 | (5,777 | ) | 919,219 | |||||||||||||||||||||||
Total commercial and industrial | 720,052 | 18,736 | — | 18,736 | 1,534 | 1,857,608 | (12,939 | ) | 2,584,991 | |||||||||||||||||||||||
Investment properties | 810,713 | — | — | — | — | 1,750,706 | (14,643 | ) | 2,546,776 | |||||||||||||||||||||||
1-4 family properties | 111,374 | — | — | — | — | 41,671 | (212 | ) | 152,833 | |||||||||||||||||||||||
Land and development | 119,948 | — | — | — | — | 78,203 | (2,052 | ) | 196,099 | |||||||||||||||||||||||
Total commercial real estate | 1,042,035 | — | — | — | — | 1,870,580 | (16,907 | ) | 2,895,708 | |||||||||||||||||||||||
Consumer mortgages | 69,847 | — | — | — | — | 1,908,168 | (61,280 | ) | 1,916,735 | |||||||||||||||||||||||
Home equity lines | 58,211 | 933 | — | 933 | — | 2,306 | (3,389 | ) | 58,061 | |||||||||||||||||||||||
Other consumer loans | 355 | — | — | — | — | 8,941 | (751 | ) | 8,545 | |||||||||||||||||||||||
Total consumer | 128,413 | 933 | — | 933 | — | 1,919,415 | (65,420 | ) | 1,983,341 | |||||||||||||||||||||||
Total loans | $ | 1,890,500 | $ | 19,669 | $ | — | $ | 19,669 | $ | 1,534 | $ | 5,647,603 | $ | (95,266 | ) | $ | 7,464,040 | (3) | ||||||||||||||
Current, Accruing Past Due, and Non-accrual Loans | ||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 7,372,301 | $ | 7,988 | $ | 114 | $ | 8,102 | $ | 69,295 | $ | 7,449,698 | ||||||||||||
Owner-occupied | 5,317,023 | 5,433 | 81 | 5,514 | 8,971 | 5,331,508 | ||||||||||||||||||
Total commercial and industrial | 12,689,324 | 13,421 | 195 | 13,616 | 78,266 | 12,781,206 | ||||||||||||||||||
Investment properties | 5,557,224 | 1,312 | 34 | 1,346 | 2,381 | 5,560,951 | ||||||||||||||||||
1-4 family properties | 674,648 | 2,745 | 96 | 2,841 | 2,381 | 679,870 | ||||||||||||||||||
Land and development | 319,978 | 739 | — | 739 | 2,953 | 323,670 | ||||||||||||||||||
Total commercial real estate | 6,551,850 | 4,796 | 130 | 4,926 | 7,715 | 6,564,491 | ||||||||||||||||||
Consumer mortgages | 2,922,136 | 7,150 | — | 7,150 | 4,949 | 2,934,235 | ||||||||||||||||||
Home equity lines | 1,496,562 | 7,092 | 28 | 7,120 | 12,114 | 1,515,796 | ||||||||||||||||||
Credit cards | 252,832 | 3,066 | 2,347 | 5,413 | — | 258,245 | ||||||||||||||||||
Other consumer loans | 1,894,352 | 17,604 | 1,098 | 18,702 | 3,689 | 1,916,743 | ||||||||||||||||||
Total consumer | 6,565,882 | 34,912 | 3,473 | 38,385 | 20,752 | 6,625,019 | ||||||||||||||||||
Total loans | $ | 25,807,056 | $ | 53,129 | $ | 3,798 | $ | 56,927 | $ | 106,733 | $ | 25,970,716 | (4) | |||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,862,940 | $ | 1,334,892 | $ | 847,647 | $ | 582,854 | $ | 552,666 | $ | 685,326 | $ | 4,168,795 | $ | 49,827 | $ | 12,084,947 | |||||||||||||||||||||||||||||||||||
Special Mention | 63,307 | 40,618 | 12,723 | 22,070 | 1,665 | 5,545 | 60,741 | 489 | 207,158 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 28,698 | 36,618 | 24,867 | 36,072 | 12,808 | 35,172 | 84,498 | 514 | 259,247 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 0 | 3,721 | 19,778 | 0 | 0 | 0 | 48 | 0 | 23,547 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 3,954,945 | 1,415,849 | 905,015 | 640,996 | 567,139 | 726,043 | 4,314,082 | 50,830 | 12,574,899 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,326,170 | 1,134,402 | 1,061,206 | 983,684 | 555,346 | 1,246,775 | 294,103 | 0 | 6,601,686 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,170 | 9,995 | 10,682 | 14,138 | 1,582 | 13,768 | 0 | 0 | 56,335 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 2,570 | 22,793 | 42,615 | 26,033 | 7,316 | 29,794 | 0 | 0 | 131,121 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 0 | 0 | 9,638 | 0 | 0 | 0 | 0 | 0 | 9,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,334,910 | 1,167,190 | 1,124,141 | 1,023,855 | 564,244 | 1,290,337 | 294,103 | 0 | 6,798,780 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 5,289,855 | 2,583,039 | 2,029,156 | 1,664,851 | 1,131,383 | 2,016,380 | 4,608,185 | 50,830 | 19,373,679 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,066,755 | 2,278,012 | 2,074,887 | 1,092,635 | 484,223 | 1,302,097 | 231,786 | 0 | 8,530,395 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,482 | 66,160 | 176,794 | 136,004 | 138,362 | 129,401 | 55,440 | 0 | 703,643 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,007 | 4,770 | 24,476 | 19,820 | 21,875 | 40,509 | 35 | 0 | 112,492 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 1,069,244 | 2,348,942 | 2,276,157 | 1,248,459 | 644,460 | 1,472,007 | 287,261 | 0 | 9,346,530 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 197,442 | 95,210 | 70,314 | 88,507 | 38,742 | 97,379 | 27,825 | 0 | 615,419 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 402 | 0 | 508 | 109 | 786 | 118 | 0 | 0 | 1,923 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,527 | 653 | 4,312 | 1,141 | 554 | 2,299 | 1,340 | 0 | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 199,371 | 95,863 | 75,134 | 89,757 | 40,082 | 99,796 | 29,165 | 0 | 629,168 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 85,335 | 173,735 | 83,784 | 92,979 | 12,261 | 76,430 | 53,390 | 0 | 577,914 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 857 | 1,995 | 2,866 | 282 | 0 | 1,332 | 636 | 0 | 7,968 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,229 | 425 | 4,664 | 915 | 136 | 1,485 | 0 | 0 | 8,854 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 87,421 | 176,155 | 91,314 | 94,176 | 12,397 | 79,247 | 54,026 | 0 | 594,736 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 1,356,036 | 2,620,960 | 2,442,605 | 1,432,392 | 696,939 | 1,651,050 | 370,452 | 0 | 10,570,434 |
Originated Loan Portfolio Credit Exposure by Risk Grade | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard(1) | Doubtful(2) | Loss(3) | Total | |||||||||||||||||||
Commercial, financial, and agricultural | $ | 8,335,964 | $ | 82,519 | $ | 167,441 | $ | 1,163 | $ | — | $ | 8,587,087 | |||||||||||||
Owner-occupied | 5,507,345 | 21,588 | 81,659 | — | — | 5,610,592 | |||||||||||||||||||
Total commercial and industrial | 13,843,309 | 104,107 | 249,100 | 1,163 | — | 14,197,679 | |||||||||||||||||||
Investment properties | 6,449,797 | 13,918 | 32,188 | — | — | 6,495,903 | |||||||||||||||||||
1-4 family properties | 614,015 | 3,249 | 9,918 | — | — | 627,182 | |||||||||||||||||||
Land and development | 439,956 | 11,939 | 9,796 | — | — | 461,691 | |||||||||||||||||||
Total commercial real estate | 7,503,768 | 29,106 | 51,902 | — | — | 7,584,776 | |||||||||||||||||||
Consumer mortgages | 3,617,284 | — | 12,103 | 97 | 149 | 3,629,633 | |||||||||||||||||||
Home equity lines | 1,639,072 | — | 14,759 | 21 | 1,244 | 1,655,096 | |||||||||||||||||||
Credit cards | 266,146 | — | 818 | — | 1,877 | (4) | 268,841 | ||||||||||||||||||
Other consumer loans | 2,381,654 | — | 6,095 | — | — | 2,387,749 | |||||||||||||||||||
Total consumer | 7,904,156 | — | 33,775 | 118 | 3,270 | 7,941,319 | |||||||||||||||||||
Total loans | $ | 29,251,233 | $ | 133,213 | $ | 334,777 | $ | 1,281 | $ | 3,270 | $ | 29,723,774 | (5) | ||||||||||||
Acquired Loan Portfolio Credit Exposure by Risk Grade | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard(1) | Doubtful | Loss | Total | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 1,604,395 | $ | 45,987 | $ | 15,390 | $ | — | $ | — | $ | 1,665,772 | |||||||||||||
Owner-occupied | 878,710 | 36,742 | 3,767 | — | — | 919,219 | |||||||||||||||||||
Total commercial and industrial | 2,483,105 | 82,729 | 19,157 | — | — | 2,584,991 | |||||||||||||||||||
Investment properties | 2,518,915 | 2,572 | 25,289 | — | — | 2,546,776 | |||||||||||||||||||
1-4 family properties | 152,514 | — | 319 | — | — | 152,833 | |||||||||||||||||||
Land and development | 189,395 | 6,704 | — | — | — | 196,099 | |||||||||||||||||||
Total commercial real estate | 2,860,824 | 9,276 | 25,608 | — | — | 2,895,708 | |||||||||||||||||||
Consumer mortgages | 1,910,462 | — | 6,273 | — | — | 1,916,735 | |||||||||||||||||||
Home equity lines | 58,014 | — | 47 | — | — | 58,061 | |||||||||||||||||||
Other consumer loans | 8,545 | — | — | — | — | 8,545 | |||||||||||||||||||
Total consumer | 1,977,021 | — | 6,320 | — | — | 1,983,341 | |||||||||||||||||||
Total loans | $ | 7,320,950 | $ | 92,005 | $ | 51,085 | $ | — | $ | — | $ | 7,464,040 | (6) | ||||||||||||
Loan Portfolio Credit Exposure by Risk Grade | |||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard(1) | Doubtful(2) | Loss(3) | Total | |||||||||||||||||||
Commercial, financial, and agricultural | $ | 7,190,517 | $ | 118,188 | $ | 140,218 | $ | 775 | $ | — | $ | 7,449,698 | |||||||||||||
Owner-occupied | 5,212,473 | 55,038 | 63,572 | 425 | — | 5,331,508 | |||||||||||||||||||
Total commercial and industrial | 12,402,990 | 173,226 | 203,790 | 1,200 | — | 12,781,206 | |||||||||||||||||||
Investment properties | 5,497,344 | 40,516 | 23,091 | — | — | 5,560,951 | |||||||||||||||||||
1-4 family properties | 663,692 | 6,424 | 9,754 | — | — | 679,870 | |||||||||||||||||||
Land and development | 297,855 | 12,786 | 13,029 | — | — | 323,670 | |||||||||||||||||||
Total commercial real estate | 6,458,891 | 59,726 | 45,874 | — | — | 6,564,491 | |||||||||||||||||||
Consumer mortgages | 2,926,712 | — | 7,425 | 98 | — | 2,934,235 | |||||||||||||||||||
Home equity lines | 1,501,316 | — | 13,130 | 174 | 1,176 | 1,515,796 | |||||||||||||||||||
Credit cards | 255,904 | — | 858 | — | 1,483 | (4) | 258,245 | ||||||||||||||||||
Other consumer loans | 1,912,902 | — | 3,841 | — | — | 1,916,743 | |||||||||||||||||||
Total consumer | 6,596,834 | — | 25,254 | 272 | 2,659 | 6,625,019 | |||||||||||||||||||
Total loans | $ | 25,458,715 | $ | 232,952 | $ | 274,918 | $ | 1,472 | $ | 2,659 | $ | 25,970,716 | (7) | ||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,865,670 | $ | 874,795 | $ | 425,721 | $ | 678,265 | $ | 685,814 | $ | 965,383 | $ | 1,040 | $ | 0 | $ | 5,496,688 | |||||||||||||||||||||||||||||||||||
Substandard(1) | 33 | 961 | 748 | 889 | 866 | 7,224 | 0 | 0 | 10,721 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | 0 | 0 | 0 | 0 | 0 | 291 | 0 | 0 | 291 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,865,703 | 875,756 | 426,469 | 679,154 | 686,680 | 972,898 | 1,040 | 0 | 5,507,700 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 1,416,272 | 90,425 | 1,506,697 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 0 | 0 | 0 | 0 | 0 | 0 | 9,698 | 5,996 | 15,694 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | 0 | 0 | 0 | 0 | 0 | 0 | 1,283 | 143 | 1,426 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | 0 | 0 | 0 | 0 | 0 | 0 | 1,427,253 | 96,583 | 1,523,836 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 279,142 | 0 | 279,142 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 0 | 0 | 0 | 0 | 0 | 0 | 595 | 0 | 595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | 0 | 0 | 0 | 0 | 0 | 0 | 1,281 | 0 | 1,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | 0 | 0 | 0 | 0 | 0 | 0 | 281,018 | 0 | 281,018 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 252,158 | 190,837 | 89,193 | 100,457 | 80,364 | 61,029 | 296,745 | 0 | 1,070,783 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 19 | 762 | 262 | 1,195 | 121 | 585 | 227 | 0 | 3,171 | ||||||||||||||||||||||||||||||||||||||||||||
Loss | 0 | 0 | 0 | 0 | 0 | 35 | 0 | 0 | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 252,177 | 191,599 | 89,455 | 101,652 | 80,485 | 61,649 | 296,972 | 0 | 1,073,989 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 2,117,880 | 1,067,355 | 515,924 | 780,806 | 767,165 | 1,034,547 | 2,006,283 | 96,583 | 8,386,543 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans(5) | $ | 8,763,771 | $ | 6,271,354 | $ | 4,987,685 | $ | 3,878,049 | $ | 2,595,487 | $ | 4,701,977 | $ | 6,984,920 | $ | 147,413 | $ | 38,330,656 | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard(1) | Doubtful(2) | Loss(3) | Total | |||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 9,927,059 | $ | 128,506 | $ | 182,831 | $ | 1,163 | $ | 0 | $ | 10,239,559 | |||||||||||||||||||||||||||||
Owner-occupied | 6,386,055 | 58,330 | 85,426 | 0 | 0 | 6,529,811 | |||||||||||||||||||||||||||||||||||
Total commercial and industrial | 16,313,114 | 186,836 | 268,257 | 1,163 | 0 | 16,769,370 | |||||||||||||||||||||||||||||||||||
Investment properties | 8,930,360 | 16,490 | 57,477 | 0 | 0 | 9,004,327 | |||||||||||||||||||||||||||||||||||
1-4 family properties | 766,529 | 3,249 | 10,237 | 0 | 0 | 780,015 | |||||||||||||||||||||||||||||||||||
Land and development | 681,003 | 18,643 | 9,796 | 0 | 0 | 709,442 | |||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,377,892 | 38,382 | 77,510 | 0 | 0 | 10,493,784 | |||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,527,746 | 0 | 18,376 | 97 | 149 | 5,546,368 | |||||||||||||||||||||||||||||||||||
Home equity lines | 1,697,086 | 0 | 14,806 | 21 | 1,244 | 1,713,157 | |||||||||||||||||||||||||||||||||||
Credit cards | 266,146 | 0 | 818 | 0 | 1,877 | (4) | 268,841 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 2,390,199 | 0 | 6,095 | 0 | 0 | 2,396,294 | |||||||||||||||||||||||||||||||||||
Total consumer | 9,881,177 | 0 | 40,095 | 118 | 3,270 | 9,924,660 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 36,572,183 | $ | 225,218 | $ | 385,862 | $ | 1,281 | $ | 3,270 | $ | 37,187,814 | (5) | ||||||||||||||||||||||||||||
As Of and For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | 145,782 | $ | 67,430 | $ | 68,190 | $ | 281,402 | ||||||||||||||||||
Impact from adoption of ASC 326 | (2,310) | (651) | 85,955 | 82,994 | ||||||||||||||||||||||
Beginning balance, after adoption of ASC 326 | $ | 143,472 | $ | 66,779 | $ | 154,145 | $ | 364,396 | ||||||||||||||||||
Charge-offs | (76,260) | (13,213) | (29,789) | (119,262) | ||||||||||||||||||||||
Recoveries | 13,544 | 2,857 | 8,149 | 24,550 | ||||||||||||||||||||||
Provision for loan losses | 148,799 | 74,319 | 112,934 | 336,052 | ||||||||||||||||||||||
Ending balance | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | ||||||||||||||||||
As Of and For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 133,123 | $ | 68,796 | $ | 48,636 | $ | 250,555 | ||||||||||||||||||
Charge-offs | (49,572) | (5,540) | (24,023) | (79,135) | ||||||||||||||||||||||
Recoveries | 7,827 | 8,618 | 5,078 | 21,523 | ||||||||||||||||||||||
Provision for loan losses | 53,665 | (4,444) | 38,499 | 87,720 | ||||||||||||||||||||||
Transfer of unfunded commitment reserve | 739 | 0 | 0 | 739 | ||||||||||||||||||||||
Ending balance | $ | 145,782 | $ | 67,430 | $ | 68,190 | $ | 281,402 | ||||||||||||||||||
As Of and For The Year Ended December 31, 2018 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 126,803 | $ | 74,998 | $ | 47,467 | $ | 249,268 | ||||||||||||||||||
Charge-offs | (48,775) | (4,408) | (20,871) | (74,054) | ||||||||||||||||||||||
Recoveries | 7,165 | 10,188 | 6,291 | 23,644 | ||||||||||||||||||||||
Provision for loan losses | 47,930 | (11,982) | 15,749 | 51,697 | ||||||||||||||||||||||
Ending balance | $ | 133,123 | $ | 68,796 | $ | 48,636 | $ | 250,555 | ||||||||||||||||||
(in thousands) | ASC 310-30 Loans | ||
Contractually required principal and interest at acquisition | $ | 8,377,942 | |
Non-accretable difference (expected losses and foregone interest) | (163,147 | ) | |
Cash flows expected to be collected at acquisition | 8,214,795 | ||
Accretable yield | (1,066,689 | ) | |
Basis in ASC 310-30 loans at acquisition | $ | 7,148,106 | |
(in thousands) | Year Ended December 31, 2019 | ||
Beginning balance | $ | — | |
Additions | 1,066,689 | ||
Transfers from non-accretable difference to accretable yield(1) | 28,001 | ||
Accretion | (346,820 | ) | |
Changes in expected cash flows not affecting non-accretable differences(2) | (10,739 | ) | |
Ending balance | $ | 737,131 | |
Allowance for Loan Losses and Recorded Investment in Loans | As Of and For The Year Ended December 31, 2019 | |||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||
Beginning balance | $ | 133,123 | $ | 68,796 | $ | 48,636 | $ | 250,555 | ||||||||
Charge-offs | (49,572 | ) | (5,540 | ) | (24,023 | ) | (79,135 | ) | ||||||||
Recoveries | 7,827 | 8,618 | 5,078 | 21,523 | ||||||||||||
Provision for (reversal of) loan losses | 53,665 | (4,444 | ) | 38,499 | 87,720 | |||||||||||
Transfer of unfunded commitment reserve | 739 | — | — | 739 | ||||||||||||
Ending balance | $ | 145,782 | $ | 67,430 | $ | 68,190 | $ | 281,402 | ||||||||
Ending balance: individually evaluated for impairment | $ | 12,326 | $ | 1,047 | $ | 777 | $ | 14,150 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 132,871 | $ | 66,383 | $ | 67,290 | $ | 266,544 | ||||||||
Ending balance: allowance for acquired loans accounted under ASC 310-30 | $ | 585 | $ | — | 123 | $ | 708 | |||||||||
Loans | ||||||||||||||||
Ending balance: total loans(1) | $ | 16,782,670 | $ | 10,480,484 | $ | 9,924,660 | $ | 37,187,814 | ||||||||
Ending balance: individually evaluated for impairment | $ | 128,385 | $ | 24,862 | $ | 31,837 | $ | 185,084 | ||||||||
Ending balance: collectively evaluated for impairment(2) | $ | 14,811,954 | $ | 8,599,452 | $ | 8,033,990 | $ | 31,445,396 | ||||||||
Ending balance: acquired loans accounted for under ASC 310-30(3) | $ | 1,842,331 | $ | 1,856,170 | $ | 1,858,833 | $ | 5,557,334 | ||||||||
As Of and For The Year Ended December 31, 2018 | ||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||
Beginning balance | $ | 126,803 | $ | 74,998 | $ | 47,467 | $ | 249,268 | ||||||||
Charge-offs | (48,775 | ) | (4,408 | ) | (20,871 | ) | (74,054 | ) | ||||||||
Recoveries | 7,165 | 10,188 | 6,291 | 23,644 | ||||||||||||
Provision for (reversal of) loan losses | 47,930 | (11,982 | ) | 15,749 | 51,697 | |||||||||||
Ending balance(4) | $ | 133,123 | $ | 68,796 | $ | 48,636 | $ | 250,555 | ||||||||
Ending balance: individually evaluated for impairment | $ | 10,207 | $ | 2,598 | $ | 744 | $ | 13,549 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 122,916 | $ | 66,198 | $ | 47,892 | $ | 237,006 | ||||||||
Loans | ||||||||||||||||
Ending balance: total loans(4)(5) | $ | 12,781,206 | $ | 6,564,491 | $ | 6,625,019 | $ | 25,970,716 | ||||||||
Ending balance: individually evaluated for impairment | $ | 105,422 | $ | 33,198 | $ | 28,306 | $ | 166,926 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 12,675,784 | $ | 6,531,293 | $ | 6,596,713 | $ | 25,803,790 | ||||||||
As Of and For The Year Ended December 31, 2017 | ||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||
Beginning balance | $ | 125,778 | $ | 81,816 | $ | 44,164 | $ | 251,758 | ||||||||
Charge-offs | (49,244 | ) | (12,193 | ) | (28,982 | ) | (90,419 | ) | ||||||||
Recoveries | 6,685 | 8,026 | 6,033 | 20,744 | ||||||||||||
Provision for (reversal of) loan losses | 43,584 | (2,651 | ) | 26,252 | 67,185 | |||||||||||
Ending balance(4) | $ | 126,803 | $ | 74,998 | $ | 47,467 | $ | 249,268 | ||||||||
Ending balance: individually evaluated for impairment | $ | 9,515 | $ | 4,240 | $ | 1,153 | $ | 14,908 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 117,288 | $ | 70,758 | $ | 46,314 | $ | 234,360 | ||||||||
Loans | ||||||||||||||||
Ending balance: total loans(4)(6) | $ | 12,023,650 | $ | 6,935,288 | $ | 5,853,857 | $ | 24,812,795 | ||||||||
Ending balance: individually evaluated for impairment | $ | 111,334 | $ | 56,896 | $ | 32,056 | $ | 200,286 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 11,912,316 | $ | 6,878,392 | $ | 5,821,801 | $ | 24,612,509 | ||||||||
Impaired Loans (including accruing TDRs) | ||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
Recorded Investment | Recorded Investment | |||||||||||||||||||||||||
(in thousands) | Unpaid Principal Balance | Without an ALL | With an ALL | Related Allowance | Unpaid Principal Balance | Without an ALL | With an ALL | Related Allowance | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 88,321 | $ | 21,774 | $ | 56,660 | $ | 9,268 | $ | 65,150 | $ | 22,298 | $ | 34,222 | $ | 7,133 | ||||||||||
Owner-occupied | 50,136 | 1,169 | 48,782 | 3,058 | 49,588 | — | 48,902 | 3,074 | ||||||||||||||||||
Total commercial and industrial | 138,457 | 22,943 | 105,442 | 12,326 | 114,738 | 22,298 | 83,124 | 10,207 | ||||||||||||||||||
Investment properties | 9,552 | — | 9,552 | 422 | 13,916 | — | 13,916 | 1,523 | ||||||||||||||||||
1-4 family properties | 4,727 | — | 4,669 | 130 | 5,586 | — | 5,586 | 131 | ||||||||||||||||||
Land and development | 11,545 | 265 | 10,376 | 495 | 16,283 | 265 | 13,431 | 944 | ||||||||||||||||||
Total commercial real estate | 25,824 | 265 | 24,597 | 1,047 | 35,785 | 265 | 32,933 | 2,598 | ||||||||||||||||||
Consumer mortgages | 18,624 | — | 18,624 | 383 | 19,506 | — | 19,506 | 343 | ||||||||||||||||||
Home equity lines | 6,092 | — | 6,092 | 178 | 3,264 | — | 3,235 | 224 | ||||||||||||||||||
Other consumer loans | 6,864 | 257 | 6,864 | 216 | 5,565 | — | 5,565 | 177 | ||||||||||||||||||
Total consumer | 31,580 | 257 | 31,580 | 777 | 28,335 | — | 28,306 | 744 | ||||||||||||||||||
Total impaired loans | $ | 195,861 | $ | 23,465 | $ | 161,619 | $ | 14,150 | $ | 178,858 | $ | 22,563 | $ | 144,363 | $ | 13,549 |
Years Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||
(in thousands) | Average Recorded Investment | Interest Income Recognized(1) | Average Recorded Investment | Interest Income Recognized(1) | Average Recorded Investment | Interest Income Recognized(1) | |||||||||||||||
Commercial, financial and agricultural | $ | 81,960 | $ | 2,962 | $ | 65,976 | $ | 2,316 | $ | 72,154 | $ | 2,127 | |||||||||
Owner-occupied | 50,085 | 2,209 | 42,341 | 1,851 | 40,498 | 1,509 | |||||||||||||||
Total commercial and industrial | 132,045 | 5,171 | 108,317 | 4,167 | 112,652 | 3,636 | |||||||||||||||
Investment properties | 12,561 | 565 | 18,564 | 767 | 28,749 | 1,178 | |||||||||||||||
1-4 family properties | 5,125 | 525 | 9,813 | 782 | 16,099 | 1,021 | |||||||||||||||
Land and development | 11,137 | 139 | 16,841 | 249 | 24,637 | 404 | |||||||||||||||
Total commercial real estate | 28,823 | 1,229 | 45,218 | 1,798 | 69,485 | 2,603 | |||||||||||||||
Consumer mortgages | 19,292 | 843 | 19,516 | 134 | 18,319 | 376 | |||||||||||||||
Home equity lines | 4,954 | 136 | 3,491 | 820 | 7,748 | 896 | |||||||||||||||
Other consumer loans | 6,129 | 373 | 5,327 | 297 | 4,765 | 266 | |||||||||||||||
Total consumer | 30,375 | 1,352 | 28,334 | 1,251 | 30,832 | 1,538 | |||||||||||||||
Total impaired loans | $ | 191,243 | $ | 7,752 | $ | 181,869 | $ | 7,216 | $ | 212,969 | $ | 7,777 | |||||||||
While certain financial and economic metrics suggest improving economic conditions, uncertainty remains regarding the trajectory of the economic recovery, the impact of government stimulus, and the success of the COVID-19 vaccine, which will impact subsequent period CECL reserves. |
TDRs by Concession Type | ||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 152 | $ | 10,939 | $ | 11,912 | $ | 22,851 | |||||||||||||||||||
Owner-occupied | 22 | 4,536 | 1,530 | 6,066 | ||||||||||||||||||||||
Total commercial and industrial | 174 | 15,475 | 13,442 | 28,917 | ||||||||||||||||||||||
Investment properties | 9 | 29,679 | 1,420 | 31,099 | ||||||||||||||||||||||
1-4 family properties | 22 | 1,769 | 1,105 | 2,874 | ||||||||||||||||||||||
Land and development | 4 | 606 | 0 | 606 | ||||||||||||||||||||||
Total commercial real estate | 35 | 32,054 | 2,525 | 34,579 | ||||||||||||||||||||||
Consumer mortgages | 23 | 1,866 | 2,789 | 4,655 | ||||||||||||||||||||||
Home equity lines | 63 | 1,970 | 2,530 | 4,500 | ||||||||||||||||||||||
Other consumer loans | 57 | 1,185 | 2,779 | 3,964 | ||||||||||||||||||||||
Total consumer | 143 | 5,021 | 8,098 | 13,119 | ||||||||||||||||||||||
Total loans | 352 | $ | 52,550 | $ | 24,065 | $ | 76,615 | (2) |
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 127 | $ | 9,042 | $ | 9,873 | $ | 18,915 | |||||||||||||||||||
Owner-occupied | 22 | 9,017 | 861 | 9,878 | ||||||||||||||||||||||
Total commercial and industrial | 149 | 18,059 | 10,734 | 28,793 | ||||||||||||||||||||||
Investment properties | 8 | 1,548 | 0 | 1,548 | ||||||||||||||||||||||
1-4 family properties | 18 | 2,182 | 643 | 2,825 | ||||||||||||||||||||||
Land and development | 8 | 1,187 | 30 | 1,217 | ||||||||||||||||||||||
Total commercial real estate | 34 | 4,917 | 673 | 5,590 | ||||||||||||||||||||||
Consumer mortgages | 18 | 1,587 | 1,361 | 2,948 | ||||||||||||||||||||||
Home equity lines | 70 | 3,024 | 2,522 | 5,546 | ||||||||||||||||||||||
Other consumer loans | 109 | 1,712 | 5,270 | 6,982 | ||||||||||||||||||||||
Total consumer | 197 | 6,323 | 9,153 | 15,476 | ||||||||||||||||||||||
Total loans | 380 | $ | 29,299 | $ | 20,560 | $ | 49,859 | (3) | ||||||||||||||||||
TDRs by Concession Type | |||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | |||||||||||
Commercial, financial, and agricultural | 127 | $ | 9,042 | $ | 9,873 | $ | 18,915 | ||||||||
Owner-occupied | 22 | 9,017 | 861 | 9,878 | |||||||||||
Total commercial and industrial | 149 | 18,059 | 10,734 | 28,793 | |||||||||||
Investment properties | 8 | 1,548 | — | 1,548 | |||||||||||
1-4 family properties | 18 | 2,182 | 643 | 2,825 | |||||||||||
Land and development | 8 | 1,187 | 30 | 1,217 | |||||||||||
Total commercial real estate | 34 | 4,917 | 673 | 5,590 | |||||||||||
Consumer mortgages | 18 | 1,587 | 1,361 | 2,948 | |||||||||||
Home equity lines | 70 | 3,024 | 2,522 | 5,546 | |||||||||||
Other consumer loans | 109 | 1,712 | 5,270 | 6,982 | |||||||||||
Total consumer | 197 | 6,323 | 9,153 | 15,476 | |||||||||||
Total loans | 380 | $ | 29,299 | $ | 20,560 | $ | 49,859 | (2) | |||||||
Year Ended December 31, 2018 | |||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | |||||||||||
Commercial, financial, and agricultural | 46 | $ | 3,807 | $ | 3,957 | $ | 7,764 | ||||||||
Owner-occupied | 16 | 7,589 | 5,705 | 13,294 | |||||||||||
Total commercial and industrial | 62 | 11,396 | 9,662 | 21,058 | |||||||||||
Investment properties | 10 | 8,070 | 2,215 | 10,285 | |||||||||||
1-4 family properties | 25 | 2,481 | 2,014 | 4,495 | |||||||||||
Land and development | 5 | 122 | 1,856 | 1,978 | |||||||||||
Total commercial real estate | 40 | 10,673 | 6,085 | 16,758 | |||||||||||
Consumer mortgages | 19 | 5,590 | 93 | 5,683 | |||||||||||
Home equity lines | 4 | 172 | 339 | 511 | |||||||||||
Other consumer loans | 92 | 1,834 | 3,983 | 5,817 | |||||||||||
Total consumer | 115 | 7,596 | 4,415 | 12,011 | |||||||||||
Total loans | 217 | $ | 29,665 | $ | 20,162 | $ | 49,827 | (3) | |||||||
TDRs by Concession Type (continued) | |||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | |||||||||||
Commercial, financial, and agricultural | 56 | $ | 9,434 | $ | 12,145 | $ | 21,579 | ||||||||
Owner-occupied | 4 | 35 | 1,705 | 1,740 | |||||||||||
Total commercial and industrial | 60 | 9,469 | 13,850 | 23,319 | |||||||||||
Investment properties | 1 | — | 121 | 121 | |||||||||||
1-4 family properties | 35 | 2,786 | 2,040 | 4,826 | |||||||||||
Land and development | 6 | 157 | 1,614 | 1,771 | |||||||||||
Total commercial real estate | 42 | 2,943 | 3,775 | 6,718 | |||||||||||
Consumer mortgages | 11 | 2,539 | 1,190 | 3,729 | |||||||||||
Other consumer loans | 38 | 1,624 | 1,333 | 2,957 | |||||||||||
Total consumer | 49 | 4,163 | 2,523 | 6,686 | |||||||||||
Total loans | 151 | $ | 16,575 | $ | 20,148 | $ | 36,723 | (4) | |||||||
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was 0 principal forgiveness for the years ended December 31, 2020, 2019, and 2018. (2) NaN charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans. (3) NaN charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans (4) Net charge-offs of $403 thousand were recorded during the year ended December 31, 2018 upon restructuring of these loans. |
(in thousands) | 2019 | 2018 | ||||||
Land | $ | 118,866 | $ | 96,310 | ||||
Buildings and improvements | 418,915 | 392,952 | ||||||
Leasehold improvements | 49,088 | 39,832 | ||||||
Furniture and equipment | 474,397 | 435,223 | ||||||
Construction in progress | 11,905 | 16,608 | ||||||
Total premises and equipment | 1,073,171 | 980,925 | ||||||
Less: Accumulated depreciation and amortization | (579,231 | ) | (546,618 | ) | ||||
Net premises and equipment | $ | 493,940 | $ | 434,307 | ||||
(in thousands) | 2020 | 2019 | ||||||||||||
Land | $ | 113,828 | $ | 118,866 | ||||||||||
Buildings and improvements | 407,735 | 418,915 | ||||||||||||
Leasehold improvements | 53,174 | 49,088 | ||||||||||||
Furniture, equipment and software | 481,560 | 474,397 | ||||||||||||
Construction in progress | 13,052 | 11,905 | ||||||||||||
Total premises, equipment and software | 1,069,349 | 1,073,171 | ||||||||||||
Less: Accumulated depreciation and amortization | (605,390) | (579,231) | ||||||||||||
Net premises, equipment and software | $ | 463,959 | $ | 493,940 | ||||||||||
(in thousands) | Community Banking Reporting Unit | Wholesale Banking Reporting Unit | Consumer Mortgage Reporting Unit | Wealth Management Reporting Unit | Total | ||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 17,825 | $ | 11,936 | $ | 3,123 | $ | 24,431 | $ | 57,315 | |||||||||||||||||||
Goodwill acquired | 238,498 | 159,700 | 41,754 | 0 | 439,952 | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 256,323 | $ | 171,636 | $ | 44,877 | $ | 24,431 | $ | 497,267 | |||||||||||||||||||
Goodwill impairment | 0 | 0 | (44,877) | 0 | (44,877) | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 256,323 | $ | 171,636 | $ | 0 | $ | 24,431 | $ | 452,390 | |||||||||||||||||||
(in thousands) | Community Banking Reporting Unit | Wholesale Banking Reporting Unit | Consumer Mortgages Reporting Unit | Wealth Management Reporting Unit | Total | ||||||||||||||
Balance at December 31, 2018 | $ | 17,825 | $ | 11,936 | $ | 3,123 | $ | 24,431 | $ | 57,315 | |||||||||
Goodwill acquired during the year | 238,498 | 159,700 | 41,754 | — | $ | 439,952 | |||||||||||||
Balance at December 31, 2019 | $ | 256,323 | $ | 171,636 | $ | 44,877 | $ | 24,431 | $ | 497,267 | |||||||||
(in thousands) | Synovus Bank Reporting Unit | Trust Services Reporting Unit | Total | |||||||||
Balance at December 31, 2018 and 2017 | $ | 32,884 | $ | 24,431 | $ | 57,315 | ||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
December 31, 2020 | |||||||||||||||||
CDI | $ | 57,400 | $ | (19,829) | $ | 37,571 | |||||||||||
Other | 12,500 | (4,959) | 7,541 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (24,788) | $ | 45,112 | |||||||||||
December 31, 2019 | |||||||||||||||||
CDI | 57,400 | (10,436) | $ | 46,964 | |||||||||||||
Other | 12,500 | (3,793) | 8,707 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (14,229) | $ | 55,671 | |||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||
December 31, 2019 | |||||||||||
CDI | $ | 57,400 | $ | (10,436 | ) | $ | 46,964 | ||||
Other | 12,500 | (3,793 | ) | 8,707 | |||||||
Total other intangible assets | $ | 69,900 | $ | (14,229 | ) | $ | 55,671 | ||||
December 31, 2018 | |||||||||||
Other | 12,500 | (2,625 | ) | 9,875 | |||||||
Total other intangible assets | $ | 12,500 | $ | (2,625 | ) | $ | 9,875 | ||||
(in thousands) | Amortization Expense | ||||
2021 | $ | 9,516 | |||
2022 | 8,472 | ||||
2023 | 7,429 | ||||
2024 | 6,366 | ||||
2025 | 5,266 | ||||
(in thousands) | Amortization Expense | ||
2020 | $ | 10,560 | |
2021 | 9,516 | ||
2022 | 8,472 | ||
2023 | 7,429 | ||
2024 | 6,366 | ||
(in thousands) | 2019 | 2018 | |||||
ROU assets | $ | 374,716 | $ | — | |||
Federal Reserve Bank and FHLB Stock | 286,447 | 185,225 | |||||
Investments in low income housing, solar energy tax credit, and other CRA partnerships | 146,612 | 84,486 | |||||
Derivative asset positions | 140,016 | 19,332 | |||||
Accrued interest receivable | 127,641 | 89,425 | |||||
Accounts receivable | 77,193 | 57,339 | |||||
Deferred tax asset, net | 65,102 | 141,134 | |||||
Prepaid expenses | 42,285 | 38,035 | |||||
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 16,012 | |||||
MPS receivable(1) | 21,437 | 22,932 | |||||
Private equity investments | 19,389 | 11,028 | |||||
Other real estate | 14,373 | 6,220 | |||||
Taxes receivable | 8,648 | 13,150 | |||||
Trading account assets, at fair value | 7,212 | 3,130 | |||||
Miscellaneous other assets | 55,511 | 57,770 | |||||
Total other assets | $ | 1,418,930 | $ | 745,218 | |||
(in thousands) | 2020 | 2019 | |||||||||
Derivative asset positions | $ | 401,295 | $ | 140,016 | |||||||
ROU assets | 380,380 | 374,716 | |||||||||
Investments in low income housing, solar energy tax credits, and other CRA partnerships | 262,855 | 146,612 | |||||||||
Accrued interest receivable | 177,865 | 127,641 | |||||||||
Federal Reserve Bank and FHLB Stock | 157,520 | 286,447 | |||||||||
Deferred tax asset, net | 130,848 | 65,102 | |||||||||
Accounts receivable | 88,286 | 77,193 | |||||||||
Prepaid expenses | 45,088 | 42,285 | |||||||||
Mutual funds and mutual funds held in rabbi trusts | 37,650 | 32,348 | |||||||||
MPS receivable(1) | 15,575 | 21,437 | |||||||||
Trading account assets, at fair value | 10,880 | 7,212 | |||||||||
Other real estate | 1,819 | 14,373 | |||||||||
Private equity investments | 1,021 | 19,389 | |||||||||
Taxes receivable | 0 | 8,648 | |||||||||
Miscellaneous other assets | 49,517 | 55,511 | |||||||||
Total other assets | $ | 1,760,599 | $ | 1,418,930 | |||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||||||
Interest-bearing demand deposits(1) | $ | 6,470,570 | $ | 4,756,239 | Interest-bearing demand deposits(1) | $ | 8,838,710 | $ | 6,470,570 | |||||||||||||
Money market accounts(1) | 11,227,134 | 8,143,975 | Money market accounts(1) | 15,277,829 | 11,227,134 | |||||||||||||||||
Savings accounts | 918,109 | 817,385 | Savings accounts | 1,168,672 | 918,109 | |||||||||||||||||
Time deposits(1) | 6,920,213 | 3,803,726 | Time deposits(1) | 4,358,100 | 6,920,213 | |||||||||||||||||
Brokered deposits | 3,429,993 | 1,548,030 | Brokered deposits | 3,570,406 | 3,429,993 | |||||||||||||||||
Total interest-bearing deposits | $ | 28,966,019 | $ | 19,069,355 | Total interest-bearing deposits | $ | 33,213,717 | $ | 28,966,019 | |||||||||||||
(in thousands) | |||||
Maturing within one year | $ | 4,016,764 | |||
Between 1 - 2 years | 1,303,259 | ||||
2 - 3 years | 505,709 | ||||
3 - 4 years | 33,768 | ||||
4 - 5 years | 80,242 | ||||
Thereafter | 8,454 | ||||
Total | $ | 5,948,196 | |||
(in thousands) | |||
Maturing within one year | $ | 7,752,948 | |
Between 1 - 2 years | 938,688 | ||
2 - 3 years | 95,944 | ||
3 - 4 years | 236,001 | ||
4 - 5 years | 43,627 | ||
Thereafter | 7,100 | ||
Total | $ | 9,074,308 | |
2019 | 2018 | |||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2020 | 2019 | |||||||||||||||
Federal funds purchased | $ | — | $ | 628 | ||||||||||||||
Securities sold under repurchase agreements | 165,690 | 237,064 | Securities sold under repurchase agreements | $ | 227,922 | $ | 165,690 | |||||||||||
Trading liability for short positions | 1,560 | — | Trading liability for short positions | 7,717 | 1,560 | |||||||||||||
FHLB advances with original maturities of one year or less | 1,752,000 | 650,000 | FHLB advances with original maturities of one year or less | 0 | 1,752,000 | |||||||||||||
Total short-term borrowings | $ | 1,919,250 | $ | 887,692 | Total short-term borrowings | $ | 235,639 | $ | 1,919,250 | |||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Total balance at December 31, | $ | 1,919,250 | $ | 887,692 | $ | 261,190 | ||||||
Weighted average interest rate at December 31, | 1.60 | % | 1.93 | % | 0.65 | % | ||||||
Maximum month-end balance during the year | $ | 2,431,012 | $ | 887,692 | $ | 390,044 | ||||||
Average amount outstanding during the year | 1,360,214 | 371,933 | 256,011 | |||||||||
Weighted average interest rate during the year | 1.93 | % | 0.96 | % | 0.37 | % | ||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Total balance at December 31, | $ | 235,639 | $ | 1,919,250 | $ | 887,692 | ||||||||||||||
Weighted average interest rate at December 31, | 0.11 | % | 1.60 | % | 1.93 | % | ||||||||||||||
Maximum month-end balance during the year | $ | 1,973,523 | $ | 2,431,012 | $ | 887,692 | ||||||||||||||
Average amount outstanding during the year | 685,664 | 1,360,214 | 371,933 | |||||||||||||||||
Weighted average interest rate during the year | 1.15 | % | 1.93 | % | 0.96 | % | ||||||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Parent Company: | |||||||||||
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity | $ | 298,853 | $ | 298,228 | |||||||
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date | 297,553 | 297,250 | |||||||||
LIBOR + 1.80% debentures, due April 19, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.02% at December 31, 2020 and 3.69% at December 31, 2019) | 10,000 | 10,000 | |||||||||
5.75% subordinated notes, due December 15, 2025, $250.0 million par value | 0 | 248,419 | |||||||||
Total long-term debt — Parent Company | 606,406 | 853,897 | |||||||||
Synovus Bank: | |||||||||||
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 12, 2023, $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 basis points | $ | 398,594 | $ | 0 | |||||||
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate | 197,349 | 0 | |||||||||
FRB PPP Lending Facility | 145 | 0 | |||||||||
FHLB advances with weighted average interest rate of 1.76% at December 31, 2019 | 0 | 1,300,000 | |||||||||
Total long-term debt — Synovus Bank | 596,088 | 1,300,000 | |||||||||
Total long-term debt | $ | 1,202,494 | $ | 2,153,897 | |||||||
(dollars in thousands) | 2019 | 2018 | |||||
Parent Company: | |||||||
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity | $ | 298,228 | $ | 297,603 | |||
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date | 297,250 | — | |||||
5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, due December 15, 2025, $250.0 million par value with semi-annual interest payments at 5.75% for the first five years and quarterly payments thereafter at an adjustable rate equal to the then-current three month LIBOR rate + 418.2 basis points and principal to be paid at maturity | 248,419 | 248,101 | |||||
LIBOR + 1.80% debentures, due April 19, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 3.69% at December 31, 2019 and 4.59% at December 31, 2018) | 10,000 | 10,000 | |||||
Total long-term debt — Parent Company | 853,897 | 555,704 | |||||
Synovus Bank: | |||||||
FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 1.66% to 1.97% at December 31, 2019 (weighted average interest rate of 1.76% and 2.53% at December 31, 2019 and 2018, respectively) | 1,300,000 | 1,100,000 | |||||
Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at December 31, 2018)(1) | — | 1,453 | |||||
Total long-term debt — Synovus Bank | 1,300,000 | 1,101,453 | |||||
Total long-term debt | $ | 2,153,897 | $ | 1,657,157 | |||
(in thousands) | Parent Company | Synovus Bank | Total | |||||||||||||||||
2021 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
2022 | 300,000 | 145 | 300,145 | |||||||||||||||||
2023 | 0 | 400,000 | 400,000 | |||||||||||||||||
2024 | 0 | 0 | 0 | |||||||||||||||||
2025 | 0 | 0 | 0 | |||||||||||||||||
Thereafter | 310,000 | 200,000 | 510,000 | |||||||||||||||||
Total | $ | 610,000 | $ | 600,145 | $ | 1,210,145 | ||||||||||||||
(in thousands) | Parent Company | Synovus Bank | Total | |||||||||
2020 | $ | — | $ | 600,000 | $ | 600,000 | ||||||
2021 | — | 450,000 | 450,000 | |||||||||
2022 | 300,000 | 250,000 | 550,000 | |||||||||
2023 | — | — | — | |||||||||
2024 | — | — | — | |||||||||
Thereafter | 560,000 | — | 560,000 | |||||||||
Total | $ | 860,000 | $ | 1,300,000 | $ | 2,160,000 | ||||||
(shares in thousands) | Series C Preferred Stock Issued (Redeemed) | Series D Preferred Stock Issued | Series E Preferred Stock Issued | Total Preferred Stock Issued (Redeemed) | Common Stock Issued | Treasury Stock Held | Common Stock Outstanding | |||||||||||||
Balance at December 31, 2016 | 5,200 | — | — | 5,200 | 142,026 | 19,760 | 122,266 | |||||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 118 | — | 118 | |||||||||||||
Restricted share unit activity | — | — | — | — | 336 | — | 336 | |||||||||||||
Stock options exercised | — | — | — | — | 198 | — | 198 | |||||||||||||
Repurchase of common stock | — | — | — | — | — | 4,021 | (4,021 | ) | ||||||||||||
Balance at December 31, 2017 | 5,200 | — | — | 5,200 | 142,678 | 23,781 | 118,897 | |||||||||||||
Issuance of preferred stock | — | 8,000 | — | 8,000 | — | — | — | |||||||||||||
Redemption of preferred stock | (5,200 | ) | — | — | (5,200 | ) | — | — | — | |||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 199 | — | 199 | |||||||||||||
Restricted share unit activity | — | — | — | — | 297 | — | 297 | |||||||||||||
Stock options exercised | — | — | — | — | 126 | — | 126 | |||||||||||||
Repurchase of common stock | — | — | — | — | — | 3,653 | (3,653 | ) | ||||||||||||
Balance at December 31, 2018 | — | 8,000 | — | 8,000 | 143,300 | 27,434 | 115,866 | |||||||||||||
FCB acquisition: | — | |||||||||||||||||||
Issuance of common stock | — | — | — | — | 22,043 | — | 22,043 | |||||||||||||
Common stock reissued | — | — | — | — | — | (27,434 | ) | 27,434 | ||||||||||||
Warrants exercised and common stock reissued | — | — | — | — | — | (260 | ) | 260 | ||||||||||||
Issuance of preferred stock | — | — | 14,000 | 14,000 | — | — | — | |||||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 344 | — | 344 | |||||||||||||
Restricted share unit activity | — | — | — | — | 302 | — | 302 | |||||||||||||
Stock options exercised | — | — | — | — | 812 | — | 812 | |||||||||||||
Repurchase of common stock | — | — | — | — | — | 19,903 | (19,903 | ) | ||||||||||||
Balance at December 31, 2019 | — | 8,000 | 14,000 | 22,000 | 166,801 | 19,643 | 147,158 | |||||||||||||
(shares in thousands) | Series C Preferred Stock Issued (Redeemed) | Series D Preferred Stock Issued | Series E Preferred Stock Issued | Total Preferred Stock Issued (Redeemed) | Common Stock Issued | Treasury Stock Held | Common Stock Outstanding | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 5,200 | 0 | 0 | 5,200 | 142,678 | 23,781 | 118,897 | ||||||||||||||||||||||||||||||||||
Issuance of preferred stock | — | 8,000 | — | 8,000 | — | — | — | ||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (5,200) | — | — | (5,200) | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 199 | — | 199 | ||||||||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | — | 297 | — | 297 | ||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | 126 | — | 126 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | 3,653 | (3,653) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 0 | 8,000 | 0 | 8,000 | 143,300 | 27,434 | 115,866 | ||||||||||||||||||||||||||||||||||
FCB acquisition: | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | — | — | — | — | 22,043 | — | 22,043 | ||||||||||||||||||||||||||||||||||
Common stock reissued | — | — | — | — | — | (27,434) | 27,434 | ||||||||||||||||||||||||||||||||||
Warrants exercised and common stock reissued | — | — | — | — | — | (260) | 260 | ||||||||||||||||||||||||||||||||||
Issuance of preferred stock | — | 0 | 14,000 | 14,000 | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 344 | — | 344 | ||||||||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | — | 302 | — | 302 | ||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | 812 | — | 812 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | 19,903 | (19,903) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 0 | 8,000 | 14,000 | 22,000 | 166,801 | 19,643 | 147,158 | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | — | — | 379 | — | 379 | ||||||||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | — | 389 | — | 389 | ||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | 564 | — | 564 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | 450 | (450) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 0 | 8,000 | 14,000 | 22,000 | 168,133 | 20,093 | 148,040 | ||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||||
(in thousands) | Net Unrealized Gains (Losses) on Cash Flow Hedges(1) | Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1) | Post-Retirement Unfunded Health Benefit | Total | |||||||||||
Balance at December 31, 2016 | $ | (12,217 | ) | $ | (44,324 | ) | $ | 882 | $ | (55,659 | ) | ||||
Other comprehensive income before reclassifications | — | 676 | 38 | 714 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 80 | 178 | (67 | ) | 191 | ||||||||||
Net current period other comprehensive income (loss) | 80 | 854 | (29 | ) | 905 | ||||||||||
Balance at December 31, 2017 | $ | (12,137 | ) | $ | (43,470 | ) | $ | 853 | $ | (54,754 | ) | ||||
Other comprehensive loss before reclassifications | — | (33,023 | ) | (34 | ) | (33,057 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 960 | (98 | ) | 862 | ||||||||||
Net current period other comprehensive income (loss) | — | (32,063 | ) | (132 | ) | (32,195 | ) | ||||||||
Reclassification from adoption of ASU 2018-02 | — | (7,763 | ) | 175 | (7,588 | ) | |||||||||
Cumulative-effect adjustment from adoption of ASU 2016-01 | — | 117 | — | 117 | |||||||||||
Balance at December 31, 2018 | $ | (12,137 | ) | $ | (83,179 | ) | $ | 896 | $ | (94,420 | ) | ||||
Other comprehensive income (loss) before reclassifications | (6,350 | ) | 161,170 | (378 | ) | 154,442 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 5,675 | (56 | ) | 5,619 | ||||||||||
Net current period other comprehensive income (loss) | (6,350 | ) | 166,845 | (434 | ) | 160,061 | |||||||||
Balance at December 31, 2019 | $ | (18,487 | ) | $ | 83,666 | $ | 462 | $ | 65,641 | ||||||
105
(1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed. |
Actual Capital | Minimum Requirement For Capital Adequacy(1) | To Be Well-Capitalized Under Prompt Corrective Action Provisions(2) | Actual Capital | Minimum Requirement For Capital Adequacy(1) | To Be Well-Capitalized Under Prompt Corrective Action Provisions(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | (dollars in thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Synovus Financial Corp. | Synovus Financial Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital | $ | 3,743,459 | $ | 2,897,997 | $ | 1,882,424 | $ | 1,310,460 | N/A | N/A | CET1 capital | $ | 4,034,865 | $ | 3,743,459 | $ | 1,879,551 | $ | 1,882,424 | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | 4,280,604 | 3,090,416 | 2,509,899 | 1,747,280 | N/A | N/A | Tier 1 risk-based capital | 4,572,010 | 4,280,604 | 2,506,068 | 2,509,899 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | 5,123,381 | 3,601,376 | 3,346,531 | 2,329,706 | N/A | N/A | Total risk-based capital | 5,604,230 | 5,123,381 | 3,341,425 | 3,346,531 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
CET1 capital ratio | 8.95 | % | 9.95 | % | 4.50 | % | 4.50 | % | N/A | N/A | CET1 capital ratio | 9.66 | % | 8.95 | % | 4.50 | % | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.23 | 10.61 | 6.00 | 6.00 | N/A | N/A | Tier 1 risk-based capital ratio | 10.95 | 10.23 | 6.00 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 12.25 | 12.37 | 8.00 | 8.00 | N/A | N/A | Total risk-based capital ratio | 13.42 | 12.25 | 8.00 | 8.00 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Leverage ratio | 9.16 | 9.60 | 4.00 | 4.00 | N/A | N/A | Leverage ratio | 8.50 | 9.16 | 4.00 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Synovus Bank | Synovus Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital | $ | 4,640,501 | $ | 3,382,497 | $ | 1,881,199 | $ | 1,309,527 | $ | 2,717,287 | $ | 1,891,538 | CET1 capital | $ | 4,641,711 | $ | 4,640,501 | $ | 1,880,757 | $ | 1,881,199 | $ | 2,716,650 | $ | 2,717,287 | |||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | 4,640,501 | 3,382,497 | 2,508,265 | 1,746,035 | 3,344,354 | 2,328,047 | Tier 1 risk-based capital | 4,641,711 | 4,640,501 | 2,507,677 | 2,508,265 | 3,343,569 | 3,344,354 | |||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | 4,923,279 | 3,633,457 | 3,344,354 | 2,328,047 | 4,180,442 | 2,910,059 | Total risk-based capital | 5,361,611 | 4,923,279 | 3,343,569 | 3,344,354 | 4,179,461 | 4,180,442 | |||||||||||||||||||||||||||||||||||||||||||||
CET1 capital ratio | 11.10 | % | 11.62 | % | 4.50 | % | 4.50 | % | 6.50 | % | 6.50 | % | CET1 capital ratio | 11.11 | % | 11.10 | % | 4.50 | % | 4.50 | % | 6.50 | % | 6.50 | % | |||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 11.10 | 11.62 | 6.00 | 6.00 | 8.00 | 8.00 | Tier 1 risk-based capital ratio | 11.11 | 11.10 | 6.00 | 6.00 | 8.00 | 8.00 | |||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 11.78 | 12.49 | 8.00 | 8.00 | 10.00 | 10.00 | Total risk-based capital ratio | 12.83 | 11.78 | 8.00 | 8.00 | 10.00 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||
Leverage ratio | 9.94 | 10.51 | 4.00 | 4.00 | 5.00 | 5.00 | Leverage ratio | 8.73 | 9.94 | 4.00 | 4.00 | 5.00 | 5.00 | |||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||
(in thousands, except per share data) | 2019 | 2018 | 2017 | ||||||||
Net income | $ | 563,780 | $ | 428,476 | $ | 275,474 | |||||
Preferred stock dividends and redemption charge | 22,881 | 17,998 | 10,238 | ||||||||
Net income available to common shareholders | $ | 540,899 | $ | 410,478 | $ | 265,236 | |||||
Weighted average common shares outstanding | 154,331 | 117,644 | 121,162 | ||||||||
Potentially dilutive shares from outstanding equity-based awards, warrants, and earnout payments | 1,727 | 734 | 850 | ||||||||
Weighted average diluted common shares | 156,058 | 118,378 | 122,012 | ||||||||
Net income per common share, basic | $ | 3.50 | $ | 3.49 | $ | 2.19 | |||||
Net income per common share, diluted | $ | 3.47 | $ | 3.47 | $ | 2.17 | |||||
Years Ended December 31, | |||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Net income | $ | 373,695 | $ | 563,780 | $ | 428,476 | |||||||||||
Preferred stock dividends | 33,163 | 22,881 | 17,998 | ||||||||||||||
Net income available to common shareholders | $ | 340,532 | $ | 540,899 | $ | 410,478 | |||||||||||
Weighted average common shares outstanding | 147,415 | 154,331 | 117,644 | ||||||||||||||
Potentially dilutive shares from outstanding equity-based awards, warrants, and earnout payments | 795 | 1,727 | 734 | ||||||||||||||
Weighted average diluted common shares | 148,210 | 156,058 | 118,378 | ||||||||||||||
Net income per common share, basic | $ | 2.31 | $ | 3.50 | $ | 3.49 | |||||||||||
Net income per common share, diluted | $ | 2.30 | $ | 3.47 | $ | 3.47 | |||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | 0 | $ | 10,185 | $ | 0 | $ | 10,185 | |||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | 0 | 158 | 0 | 158 | |||||||||||||||||||
Other mortgage-backed securities | 0 | 178 | 0 | 178 | |||||||||||||||||||
State and municipal securities | 0 | 176 | 0 | 176 | |||||||||||||||||||
Asset-backed securities | 0 | 183 | 0 | 183 | |||||||||||||||||||
Total trading securities | $ | 0 | $ | 10,880 | $ | 0 | $ | 10,880 | |||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | 0 | $ | 0 | $ | 20,257 | |||||||||||||||
U.S. Government agency securities | 0 | 82,320 | 0 | 82,320 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 0 | 1,218,017 | 0 | 1,218,017 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 0 | 5,000,046 | 0 | 5,000,046 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 0 | 1,250,377 | 0 | 1,250,377 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 0 | 370,921 | 0 | 370,921 | |||||||||||||||||||
Corporate debt securities and other debt securities | 0 | 18,479 | 2,021 | 20,500 | |||||||||||||||||||
Total investment securities available for sale | $ | 20,257 | $ | 7,940,160 | $ | 2,021 | $ | 7,962,438 | |||||||||||||||
Mortgage loans held for sale | 0 | 216,647 | 0 | 216,647 | |||||||||||||||||||
Private equity investments | 0 | 0 | 1,021 | 1,021 | |||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 37,650 | 0 | 0 | 37,650 | |||||||||||||||||||
GGL/SBA loans servicing asset | 0 | 0 | 3,258 | 3,258 | |||||||||||||||||||
Derivative assets | 0 | 401,295 | 0 | 401,295 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Trading liability for short positions | $ | 0 | $ | 7,717 | $ | 0 | $ | 7,717 | |||||||||||||||
Earnout liability | 0 | 0 | 5,677 | 5,677 | |||||||||||||||||||
Derivative liabilities | 0 | 155,119 | 2,048 | 157,167 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | |||||||||||
Assets | |||||||||||||||
Trading securities: | |||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises | $ | — | $ | 2,486 | $ | — | $ | 2,486 | |||||||
Other mortgage-backed securities | — | 1,284 | — | 1,284 | |||||||||||
State and municipal securities | — | 65 | — | 65 | |||||||||||
Asset-backed securities | — | 3,227 | — | 3,227 | |||||||||||
Other investments | — | 150 | — | 150 | |||||||||||
Total trading securities | $ | — | $ | 7,212 | $ | — | $ | 7,212 | |||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | — | $ | — | $ | 19,855 | |||||||
U.S. Government agency securities | — | 36,541 | — | 36,541 | |||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 56,816 | — | 56,816 | |||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 5,180,815 | — | 5,180,815 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 636,851 | — | 636,851 | |||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 371,592 | — | 371,592 | |||||||||||
State and municipal securities | — | 2,075 | — | 2,075 | |||||||||||
Asset-backed securities | — | 327,400 | — | 327,400 | |||||||||||
Corporate debt and other debt securities | — | 144,620 | 2,105 | 146,725 | |||||||||||
Total investment securities available for sale | $ | 19,855 | $ | 6,756,710 | $ | 2,105 | $ | 6,778,670 | |||||||
Mortgage loans held for sale | — | 115,173 | — | 115,173 | |||||||||||
Private equity investments | 15,502 | — | 3,887 | 19,389 | |||||||||||
Mutual funds and mutual funds held in rabbi trusts | 32,348 | — | — | 32,348 | |||||||||||
GGL/SBA loans servicing asset | — | — | 3,040 | 3,040 | |||||||||||
Derivative assets | — | 140,016 | — | 140,016 | |||||||||||
Liabilities | |||||||||||||||
Trading liability for short positions | 1,560 | — | — | 1,560 | |||||||||||
Earnout liability(1) | — | — | 11,016 | 11,016 | |||||||||||
Derivative liabilities | $ | — | $ | 34,732 | $ | 2,339 | $ | 37,071 | |||||||
December 31, 2019 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | $ | 0 | $ | 2,486 | $ | 0 | $ | 2,486 | |||||||||||||||
Other mortgage-backed securities | 0 | 1,284 | 0 | 1,284 | |||||||||||||||||||
State and municipal securities | 0 | 65 | 0 | 65 | |||||||||||||||||||
Asset-backed securities | 0 | 3,227 | 0 | 3,227 | |||||||||||||||||||
Other investments | 0 | 150 | 0 | 150 | |||||||||||||||||||
Total trading securities | $ | 0 | $ | 7,212 | $ | 0 | $ | 7,212 | |||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 19,855 | $ | 0 | $ | 0 | $ | 19,855 | |||||||||||||||
U.S. Government agency securities | 0 | 36,541 | 0 | 36,541 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 0 | 56,816 | 0 | 56,816 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 0 | 5,180,815 | 0 | 5,180,815 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 0 | 636,851 | 0 | 636,851 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 0 | 371,592 | 0 | 371,592 | |||||||||||||||||||
State and municipal securities | 0 | 2,075 | 0 | 2,075 | |||||||||||||||||||
Asset-backed securities | 0 | 327,400 | 0 | 327,400 | |||||||||||||||||||
Corporate debt securities and other debt securities | 0 | 144,620 | 2,105 | 146,725 | |||||||||||||||||||
Total investment securities available for sale | $ | 19,855 | $ | 6,756,710 | $ | 2,105 | $ | 6,778,670 | |||||||||||||||
Mortgage loans held for sale | 0 | 115,173 | 0 | 115,173 | |||||||||||||||||||
Private equity investments | 15,502 | 0 | 3,887 | 19,389 | |||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 0 | 0 | 32,348 | |||||||||||||||||||
GGL/SBA loans servicing asset | 0 | 0 | 3,040 | 3,040 | |||||||||||||||||||
Derivative assets | 0 | 140,016 | 0 | 140,016 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Trading liability for short positions | $ | 1,560 | $ | 0 | $ | 0 | $ | 1,560 | |||||||||||||||
Earnout liability | 0 | 0 | 11,016 | 11,016 | |||||||||||||||||||
Derivative liabilities | 0 | 34,732 | 2,339 | 37,071 | |||||||||||||||||||
December 31, 2018 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | |||||||||||
Assets | |||||||||||||||
Trading securities: | |||||||||||||||
U.S. Government agency securities | $ | — | $ | 44 | $ | — | $ | 44 | |||||||
State and municipal securities | — | 1,064 | — | 1,064 | |||||||||||
Other investments | 1,128 | 894 | — | 2,022 | |||||||||||
Total trading securities | $ | 1,128 | $ | 2,002 | $ | — | $ | 3,130 | |||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | 122,077 | $ | — | $ | — | $ | 122,077 | |||||||
U.S. Government agency securities | — | 38,382 | — | 38,382 | |||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 97,205 | — | 97,205 | |||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 2,398,650 | — | 2,398,650 | |||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored agencies or enterprises | — | 1,188,518 | — | 1,188,518 | |||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 129,865 | — | 129,865 | |||||||||||
Corporate debt and other debt securities | — | 15,150 | 1,785 | 16,935 | |||||||||||
Total investment securities available for sale | $ | 122,077 | $ | 3,867,770 | $ | 1,785 | $ | 3,991,632 | |||||||
Mortgage loans held for sale | — | 37,129 | — | 37,129 | |||||||||||
Private equity investments | — | — | 11,028 | 11,028 | |||||||||||
Mutual funds and mutual funds held in rabbi trusts | 16,012 | — | — | 16,012 | |||||||||||
GGL/SBA loans servicing asset | — | — | 3,729 | 3,729 | |||||||||||
Derivative assets | — | 19,332 | — | 19,332 | |||||||||||
Liabilities | |||||||||||||||
Earnout liability(1) | — | — | 14,353 | 14,353 | |||||||||||
Derivative liabilities | $ | — | $ | 16,535 | $ | 1,673 | $ | 18,208 | |||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Changes in fair value included in net income: | |||||||||||
Mortgage loans held for sale | $ | 1,675 | $ | 95 | $ | 754 | |||||
Mortgage loans held for sale: | |||||||||||
Fair value | 115,173 | 37,129 | 48,024 | ||||||||
Unpaid principal balance | 112,218 | 35,848 | 46,839 | ||||||||
Fair value less aggregate unpaid principal balance | $ | 2,955 | $ | 1,281 | $ | 1,185 | |||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Changes in fair value included in net income: | |||||||||||||||||
Mortgage loans held for sale | $ | 3,400 | $ | 1,675 | $ | 95 | |||||||||||
Mortgage loans held for sale: | |||||||||||||||||
Fair value | 216,647 | 115,173 | 37,129 | ||||||||||||||
Unpaid principal balance | 210,292 | 112,218 | 35,848 | ||||||||||||||
Fair value less aggregate unpaid principal balance | $ | 6,355 | $ | 2,955 | $ | 1,281 | |||||||||||
2020 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | ||||||||||||||||||||||||
Beginning balance, January 1, 2020 | $ | 2,105 | $ | 3,887 | $ | 3,040 | $ | (11,016) | $ | (2,339) | |||||||||||||||||||
Total (losses) gains realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | 0 | (2,866) | (1,000) | (4,908) | (890) | ||||||||||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | (84) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Additions | 0 | 0 | 1,218 | 0 | 0 | ||||||||||||||||||||||||
Settlements | 0 | 0 | 0 | 10,247 | 1,181 | ||||||||||||||||||||||||
Ending balance, December 31, 2020 | $ | 2,021 | $ | 1,021 | $ | 3,258 | $ | (5,677) | $ | (2,048) | |||||||||||||||||||
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2020 | $ | 0 | $ | (2,866) | $ | 0 | $ | (4,908) | $ | (890) | |||||||||||||||||||
2019 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | (in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | |||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2019 | $ | 1,785 | $ | 11,028 | $ | 3,729 | $ | (14,353 | ) | $ | (1,673 | ) | Beginning balance, January 1, 2019 | $ | 1,785 | $ | 11,028 | $ | 3,729 | $ | (14,353) | $ | (1,673) | |||||||||||||||||||||||||
Total (losses) gains realized/unrealized: | Total (losses) gains realized/unrealized: | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | — | 230 | (1,631 | ) | (10,457 | ) | (3,611 | ) | Included in earnings | 0 | 230 | (1,631) | (10,457) | (3,611) | ||||||||||||||||||||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 320 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains included in other comprehensive income | Unrealized (losses) gains included in other comprehensive income | 320 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Additions | — | — | 942 | — | — | Additions | 0 | 0 | 942 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Sales | — | (1,437 | ) | — | — | — | Sales | 0 | (1,437) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Settlements | — | — | — | 13,794 | 2,945 | Settlements | 0 | 0 | 0 | 13,794 | 2,945 | |||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | (5,934 | ) | — | — | — | Transfers out of Level 3 | 0 | (5,934) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2019 | $ | 2,105 | $ | 3,887 | $ | 3,040 | $ | (11,016 | ) | $ | (2,339 | ) | Ending balance, December 31, 2019 | $ | 2,105 | $ | 3,887 | $ | 3,040 | $ | (11,016) | $ | (2,339) | |||||||||||||||||||||||||
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2019 | $ | — | $ | 230 | $ | — | $ | (10,457 | ) | $ | (666 | ) | Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2019 | $ | 0 | $ | 230 | $ | 0 | $ | (10,457) | $ | (666) | |||||||||||||||||||||||||
2018 | |||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | ||||||||||||||
Beginning balance, January 1, 2018 | $ | 1,935 | $ | 15,771 | $ | 4,101 | $ | (11,348 | ) | $ | (4,330 | ) | |||||||
Total (losses) gains realized/unrealized: | |||||||||||||||||||
Included in earnings | — | (4,743 | ) | (1,752 | ) | (11,652 | ) | (2,328 | ) | ||||||||||
Unrealized (losses) gains included in other comprehensive income | (150 | ) | — | — | — | — | |||||||||||||
Additions | — | — | 1,380 | — | — | ||||||||||||||
Settlements | — | — | — | 8,647 | 4,985 | ||||||||||||||
Ending balance, December 31, 2018 | $ | 1,785 | $ | 11,028 | $ | 3,729 | $ | (14,353 | ) | $ | (1,673 | ) | |||||||
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2018 | $ | — | $ | (4,743 | ) | $ | — | $ | (11,652 | ) | $ | (1,673 | ) | ||||||
December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Valuation Technique | Significant Unobservable Input | Level 3 Fair Value | Rate/Range | |||||||||||||||||||
Assets measured at fair value on a recurring basis | |||||||||||||||||||||||
Investment Securities Available for Sale - Corporate debt and other debt securities - trust preferred security | Discounted cash flow analysis | Discount rate Forecasted average Prime reset rate | $2,021 | 4.96% 4.06% | |||||||||||||||||||
Private equity investments | Individual analysis of each investee company | Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies | $1,021 | N/A | |||||||||||||||||||
GGL/SBA loans servicing asset | Discounted cash flow analysis | Discount rate Prepayment speeds | $3,258 | 10.79% 18.81% | |||||||||||||||||||
Earnout liability | Option pricing methods and Monte Carlo simulation | Financial projections of Global One through June 30, 2021 | $5,677 | N/A | |||||||||||||||||||
Visa derivative liability | Discounted cash flow analysis | Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation | $2,048 | 0-1.8 years (3Q 2022) | |||||||||||||||||||
December 31, 2020 | Fair Value Adjustments for the Year Ended December 31, 2020 | Location in Consolidated Statements of Income | |||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Loans(1) | $ | 0 | $ | 0 | $ | 23,625 | $ | 6,076 | Provision for credit losses | ||||||||||||||||||||
Other real estate | 0 | 0 | 860 | 200 | Other operating expenses | ||||||||||||||||||||||||
MPS Receivable | 0 | 0 | 15,575 | 2,663 | Other operating expenses | ||||||||||||||||||||||||
Other assets held for sale | 0 | 0 | 2,354 | 2,292 | Other operating expenses | ||||||||||||||||||||||||
December 31, 2019 | Fair Value Adjustments for the Year Ended December 31, 2019 | Location in Consolidated Statements of Income | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Loans(1) | $ | 0 | $ | 0 | $ | 1,461 | $ | 683 | Provision for credit losses | ||||||||||||||||||||
Other real estate | 0 | 0 | 8,023 | 1,342 | Other operating expenses | ||||||||||||||||||||||||
MPS receivable | 0 | 0 | 21,437 | 0 | Other operating expenses | ||||||||||||||||||||||||
Other assets held for sale | 0 | 0 | 1,238 | 513 | Other operating expenses | ||||||||||||||||||||||||
Balance at December 31, 2019 | Fair Value Adjustments for the Year Ended December 31, 2019 | Location in Consolidated Statements of Income | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Impaired loans* | $ | — | $ | — | $ | 1,461 | $ | 683 | Provision for loan losses | ||||||||
Other real estate | — | — | 8,023 | 1,342 | Other operating expenses | ||||||||||||
Other assets held for sale | — | — | 1,238 | 513 | Other operating expenses | ||||||||||||
Balance at December 31, 2018 | Fair Value Adjustments for the Year Ended December 31, 2018 | Location in Consolidated Statements of Income | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Impaired loans* | $ | — | $ | — | $ | 21,742 | $ | 7,575 | Provision for loan losses | ||||||||
Other loans held for sale | — | — | 1,494 | 809 | Other operating expenses | ||||||||||||
Other real estate | — | — | 3,827 | 523 | Other operating expenses | ||||||||||||
Other assets held for sale | — | — | 1,104 | 482 | Other operating expenses | ||||||||||||
December 31, 2020 | |||||||||||||||||
Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | |||||||||||||||
Assets measured at fair value | |||||||||||||||||
Loans | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value Estimated selling costs | 0%-14% (14%) 0%-7% (7%) | ||||||||||||||
Loans held for sale | Analysis of anticipated market prices for similar assets less estimated selling costs | Market price analysis for similar assets Estimated selling costs | N/A | ||||||||||||||
Other real estate | Third-party appraised value of real estate less estimated selling costs | Discount to appraised value Estimated selling costs | 0%-23% (12%) 0%-10% (7%) | ||||||||||||||
MPS receivable(2) | Third-party appraised value of business less estimated selling costs | Discount to appraised value Estimated selling costs | N/A | ||||||||||||||
Other assets held for sale | Third-party appraised value less estimated selling costs or BOV | Discount to appraised value Estimated selling costs | 0%-66% (45%) 0%-10% (7%) | ||||||||||||||
December 31, 2019 | |||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets | |||||||||||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 1,186,918 | $ | 1,186,918 | $ | 1,186,918 | $ | — | $ | — | |||||||||
Trading securities | 7,212 | 7,212 | — | 7,212 | — | ||||||||||||||
Investment securities available for sale | 6,778,670 | 6,778,670 | 19,855 | 6,756,710 | 2,105 | ||||||||||||||
Mortgage loans held for sale | 115,173 | 115,173 | — | 115,173 | — | ||||||||||||||
Private equity investments | 19,389 | 19,389 | 15,502 | — | 3,887 | ||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 32,348 | 32,348 | — | — | ||||||||||||||
Loans, net | 36,881,048 | 36,931,256 | — | — | 36,931,256 | ||||||||||||||
GGL/SBA loans servicing asset | 3,040 | 3,040 | — | — | 3,040 | ||||||||||||||
Derivative assets | 140,016 | 140,016 | — | 140,016 | — | ||||||||||||||
Financial Liabilities | |||||||||||||||||||
Non-interest-bearing deposits | $ | 9,439,485 | $ | 9,439,485 | $ | — | $ | 9,439,485 | $ | — | |||||||||
Non-time interest-bearing deposits | 19,891,711 | 19,891,711 | — | 19,891,711 | — | ||||||||||||||
Time deposits | 9,074,308 | 9,112,459 | — | 9,112,459 | — | ||||||||||||||
Total deposits | $ | 38,405,504 | $ | 38,443,655 | $ | — | $ | 38,443,655 | $ | — | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 165,690 | 165,690 | 165,690 | — | — | ||||||||||||||
Trading liability for short positions | 1,560 | 1,560 | 1,560 | — | — | ||||||||||||||
Other short-term borrowings | 1,752,000 | 1,752,000 | — | 1,752,000 | — | ||||||||||||||
Long-term debt | 2,153,897 | 2,185,717 | — | 2,185,717 | — | ||||||||||||||
Earnout liability | 11,016 | 11,016 | — | — | 11,016 | ||||||||||||||
Derivative liabilities | 37,071 | 37,071 | — | 34,732 | 2,339 | ||||||||||||||
December 31, 2018 | |||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial assets | |||||||||||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 1,143,564 | $ | 1,143,564 | $ | 1,143,564 | $ | — | $ | — | |||||||||
Trading securities | 3,130 | 3,130 | 1,128 | 2,002 | — | ||||||||||||||
Investment securities available for sale | 3,991,632 | 3,991,632 | 122,077 | 3,867,770 | 1,785 | ||||||||||||||
Mortgage loans held for sale | 37,129 | 37,129 | — | 37,129 | — | ||||||||||||||
Other loans held for sale | 1,506 | 1,506 | — | — | 1,506 | ||||||||||||||
Private equity investments | 11,028 | 11,028 | — | — | 11,028 | ||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 16,012 | 16,012 | 16,012 | — | — | ||||||||||||||
Loans, net | 25,696,018 | 25,438,890 | — | — | 25,438,890 | ||||||||||||||
GGL/SBA loans servicing asset | 3,729 | 3,729 | — | — | 3,729 | ||||||||||||||
Derivative assets | 19,332 | 19,332 | — | 19,332 | — | ||||||||||||||
Financial Liabilities | |||||||||||||||||||
Non-interest-bearing deposits | $ | 7,650,967 | $ | 7,650,967 | $ | — | $ | 7,650,967 | $ | — | |||||||||
Non-time interest-bearing deposits | 14,065,959 | 14,065,959 | — | 14,065,959 | — | ||||||||||||||
Time deposits | 5,003,396 | 4,989,570 | — | 4,989,570 | — | ||||||||||||||
Total deposits | $ | 26,720,322 | $ | 26,706,496 | $ | — | $ | 26,706,496 | $ | — | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 237,692 | 237,692 | 237,692 | — | — | ||||||||||||||
Other short-term borrowings | 650,000 | 650,000 | — | 650,000 | — | ||||||||||||||
Long-term debt | 1,657,157 | 1,649,642 | — | 1,649,642 | — | ||||||||||||||
Earnout liability | 14,353 | 14,353 | — | — | 14,353 | ||||||||||||||
Derivative liabilities | 18,208 | 18,208 | — | 16,535 | 1,673 | ||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 4,252,917 | $ | 4,252,917 | $ | 4,252,917 | $ | 0 | $ | 0 | |||||||||||||||||||
Trading securities | 10,880 | 10,880 | 0 | 10,880 | 0 | ||||||||||||||||||||||||
Investment securities available for sale | 7,962,438 | 7,962,438 | 20,257 | 7,940,160 | 2,021 | ||||||||||||||||||||||||
Loans held for sale | 760,123 | 760,939 | 0 | 216,647 | 544,292 | ||||||||||||||||||||||||
Private equity investments | 1,021 | 1,021 | 0 | 0 | 1,021 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 37,650 | 37,650 | 37,650 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 37,647,248 | 37,605,881 | 0 | 0 | 37,605,881 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,258 | 3,258 | 0 | 0 | 3,258 | ||||||||||||||||||||||||
Derivative assets | 401,295 | 401,295 | 0 | 401,295 | 0 | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 13,477,854 | $ | 13,477,854 | $ | 0 | $ | 13,477,854 | $ | 0 | |||||||||||||||||||
Non-time interest-bearing deposits | 27,265,521 | 27,265,521 | 0 | 27,265,521 | 0 | ||||||||||||||||||||||||
Time deposits | 5,948,196 | 5,970,146 | 0 | 5,970,146 | 0 | ||||||||||||||||||||||||
Total deposits | $ | 46,691,571 | $ | 46,713,521 | $ | 0 | $ | 46,713,521 | $ | 0 | |||||||||||||||||||
Securities sold under repurchase agreements | 227,922 | 227,922 | 227,922 | 0 | 0 | ||||||||||||||||||||||||
Trading liability for short positions | 7,717 | 7,717 | 0 | 7,717 | 0 | ||||||||||||||||||||||||
Long-term debt | 1,202,494 | 1,266,825 | 0 | 1,266,825 | 0 | ||||||||||||||||||||||||
Earnout liability | 5,677 | 5,677 | 0 | 0 | 5,677 | ||||||||||||||||||||||||
Derivative liabilities | 157,167 | 157,167 | 0 | 155,119 | 2,048 | ||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 1,186,918 | $ | 1,186,918 | $ | 1,186,918 | $ | 0 | $ | 0 | |||||||||||||||||||
Trading securities | 7,212 | 7,212 | 0 | 7,212 | 0 | ||||||||||||||||||||||||
Investment securities available for sale | 6,778,670 | 6,778,670 | 19,855 | 6,756,710 | 2,105 | ||||||||||||||||||||||||
Loans held for sale | 115,173 | 115,173 | 0 | 115,173 | 0 | ||||||||||||||||||||||||
Private equity investments | 19,389 | 19,389 | 15,502 | 0 | 3,887 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 32,348 | 32,348 | 32,348 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 36,881,048 | 36,931,256 | 0 | 0 | 36,931,256 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,040 | 3,040 | 0 | 0 | 3,040 | ||||||||||||||||||||||||
Derivative assets | 140,016 | 140,016 | 0 | 140,016 | 0 | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 9,439,485 | $ | 9,439,485 | $ | 0 | $ | 9,439,485 | $ | 0 | |||||||||||||||||||
Non-time interest-bearing deposits | 19,891,711 | 19,891,711 | 0 | 19,891,711 | 0 | ||||||||||||||||||||||||
Time deposits | 9,074,308 | 9,112,459 | 0 | 9,112,459 | 0 | ||||||||||||||||||||||||
Total deposits | $ | 38,405,504 | $ | 38,443,655 | $ | 0 | $ | 38,443,655 | $ | 0 | |||||||||||||||||||
Securities sold under repurchase agreements | 165,690 | 165,690 | 165,690 | 0 | 0 | ||||||||||||||||||||||||
Trading liability for short positions | 1,560 | 1,560 | 1,560 | 0 | 0 | ||||||||||||||||||||||||
Other short-term borrowings | 1,752,000 | 1,752,000 | 0 | 1,752,000 | 0 | ||||||||||||||||||||||||
Long-term debt | 2,153,897 | 2,185,717 | 0 | 2,185,717 | 0 | ||||||||||||||||||||||||
Earnout liability | 11,016 | 11,016 | 0 | 0 | 11,016 | ||||||||||||||||||||||||
Derivative liabilities | 37,071 | 37,071 | 0 | 34,732 | 2,339 | ||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | (in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 2,000,000 | $ | 54 | $ | 8,624 | $ | — | $ | — | $ | — | Interest rate contracts | $ | 3,000,000 | $ | 80,802 | $ | 0 | $ | 2,000,000 | $ | 54 | $ | 8,624 | |||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 54 | $ | 8,624 | $ | — | $ | — | Total derivatives designated as hedging instruments | $ | 80,802 | $ | 0 | $ | 54 | $ | 8,624 | |||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated: as hedging instruments | Derivatives not designated: as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | $ | 7,258,159 | $ | 138,672 | $ | 25,849 | $ | 1,840,288 | $ | 18,388 | $ | 15,716 | Interest rate contracts(3) | $ | 8,784,141 | $ | 314,234 | $ | 153,204 | $ | 7,258,159 | $ | 138,672 | $ | 25,849 | |||||||||||||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 70,481 | 1,290 | — | 52,420 | 944 | — | Mortgage derivatives - interest rate lock commitments | 306,138 | 6,259 | 0 | 70,481 | 1,290 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 107,000 | — | 168 | 65,500 | — | 819 | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 230,500 | 0 | 1,611 | 107,000 | 0 | 168 | |||||||||||||||||||||||||||||||||||||||||||||
Other contracts(4) | 145,764 | — | 91 | 69,902 | — | — | Other contracts(4) | 234,884 | 0 | 304 | 145,764 | 0 | 91 | |||||||||||||||||||||||||||||||||||||||||||||
Visa derivative | — | — | 2,339 | — | — | 1,673 | Visa derivative | 0 | 0 | 2,048 | 0 | 0 | 2,339 | |||||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 139,962 | $ | 28,447 | $ | 19,332 | $ | 18,208 | Total derivatives not designated as hedging instruments | $ | 320,493 | $ | 157,167 | $ | 139,962 | $ | 28,447 | |||||||||||||||||||||||||||||||||||||||||
(1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments. (4)Includes |
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 22,215 | $ | 0 | $ | 0 | |||||||||||
Gain/loss on cash flow hedging relationships:(1) | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 2,765 | 0 | 0 | ||||||||||||||
Pre-tax income recognized on cash flow hedges | $ | 2,765 | $ | 0 | $ | 0 | |||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | |||||||||||||
For The Years Ended December 31, | |||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2019 | 2018 | 2017 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate contracts(1) | Capital markets income | $ | (338 | ) | $ | (29 | ) | $ | 20 | ||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | 346 | 8 | (634 | ) | ||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | 651 | (691 | ) | (2,025 | ) | |||||||
Visa derivative | Other non-interest expense | (3,611 | ) | (2,328 | ) | — | |||||||
Other contracts(2) | Capital markets income | (91 | ) | — | — | ||||||||
Total derivatives not designated as hedging instruments | $ | (3,043 | ) | $ | (3,040 | ) | $ | (2,639 | ) | ||||
Gain (Loss) Recognized in Consolidated Statements of Income | |||||||||||||||||||||||
For The Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2020 | 2019 | 2018 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts(1) | Capital markets income | $ | (777) | $ | (338) | $ | (29) | ||||||||||||||||
Other contracts(2) | Capital markets income | (213) | (91) | 0 | |||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | 4,969 | 346 | 8 | |||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | (1,443) | 651 | (691) | |||||||||||||||||||
Visa derivative | Other non-interest expense | (890) | (3,611) | (2,328) | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 1,646 | $ | (3,043) | $ | (3,040) | |||||||||||||||||
(in thousands) | December 31, 2019 | |||
Right-of-use assets | $ | 374,716 | ||
Lease liabilities | 383,892 | |||
Weighted-average remaining lease term (years) | 21.05 | |||
Weighted-average discount rate (percentage) | 3.54 | % | ||
(in thousands) | |||
2020 | $ | 30,190 | |
2021 | 29,002 | ||
2022 | 28,261 | ||
2023 | 26,461 | ||
2024 | 26,105 | ||
After 2024 | 417,177 | ||
Total lease payments | $ | 557,196 | |
Less: Imputed interest | 173,304 | ||
Present value of lease liabilities | $ | 383,892 | |
December 31, | December 31, | |||||||||||||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2020 | 2019 | |||||||||||||
Letters of credit * | $ | 202,614 | $ | 157,675 | Letters of credit * | $ | 190,562 | $ | 202,614 | |||||||||
Commitments to fund commercial and industrial loans | 7,018,152 | 5,527,017 | Commitments to fund commercial and industrial loans | 8,200,608 | 7,018,152 | |||||||||||||
Commitments to fund commercial real estate, construction, and land development loans | 3,032,252 | 2,034,223 | Commitments to fund commercial real estate, construction, and land development loans | 3,290,041 | 3,032,252 | |||||||||||||
Commitments under home equity lines of credit | 1,501,452 | 1,258,657 | Commitments under home equity lines of credit | 1,602,831 | 1,501,452 | |||||||||||||
Unused credit card lines | 877,929 | 775,003 | Unused credit card lines | 1,012,313 | 877,929 | |||||||||||||
Other loan commitments | 485,371 | 400,983 | Other loan commitments | 472,233 | 485,371 | |||||||||||||
Total letters of credit and unfunded lending commitments | $ | 13,117,770 | $ | 10,153,558 | Total letters of credit and unfunded lending commitments | $ | 14,768,588 | $ | 13,117,770 | |||||||||
Investments in low income housing, solar energy tax credit, and other CRA partnerships: | ||||||||||||||||||
LIHTC, solar energy tax credit, and other CRA partnerships: | LIHTC, solar energy tax credit, and other CRA partnerships: | |||||||||||||||||
Carrying amount included in other assets | $ | 146,612 | $ | 84,486 | Carrying amount included in other assets | $ | 262,855 | $ | 146,612 | |||||||||
Amount of future funding commitments included in carrying amount | 78,266 | 47,123 | Amount of future funding commitments included in carrying amount | 133,946 | 78,266 | |||||||||||||
Short-term construction loans and letter of credit commitments | 2,124 | 1,585 | ||||||||||||||||
Funded portion of short-term loans and letters of credit | 3,196 | 5,595 | ||||||||||||||||
Permanent and short-term construction loans and letter of credit commitments | Permanent and short-term construction loans and letter of credit commitments | 84,552 | 2,124 | |||||||||||||||
Funded portion of permanent and short-term loans and letters of credit | Funded portion of permanent and short-term loans and letters of credit | 9,762 | 3,196 | |||||||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Salaries and other personnel expense | $ | 19,618 | $ | 15,712 | $ | 13,370 | |||||
Merger-related expense | 4,219 | — | — | ||||||||
Other operating expenses | 650 | 931 | 809 | ||||||||
Total share-based compensation expense included in non-interest expense | $ | 24,487 | $ | 16,643 | $ | 14,179 | |||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Salaries and other personnel expense | $ | 17,827 | $ | 19,618 | $ | 15,712 | |||||||||||
Merger-related expense | 0 | 4,219 | 0 | ||||||||||||||
Other operating expenses | 814 | 650 | 931 | ||||||||||||||
Total share-based compensation expense included in non-interest expense | $ | 18,641 | $ | 24,487 | $ | 16,643 | |||||||||||
2019 | |||
Stock price (Synovus' closing stock price on December 31, 2018) | $ | 31.99 | |
Weighted average fair value of converted stock options | 11.50 | ||
Risk-free interest rate | 2.51 | % | |
Expected stock price volatility | 26.4 | % | |
Dividend yield | 3.13 | % | |
Term to expiration | 5.1 years | ||
2019 | |||||
Stock price (Synovus' closing stock price on December 31, 2018) | $ | 31.99 | |||
Weighted average fair value of converted stock options | 11.50 | ||||
Risk-free interest rate | 2.51 | % | |||
Expected stock price volatility | 26.4 | % | |||
Dividend yield | 3.13 | % | |||
Term to expiration | 5.1 years | ||||
Stock Options | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | ||||||||||||||
Outstanding at beginning of year | 640 | $ | 16.93 | 775 | $ | 17.85 | 973 | $ | 17.76 | |||||||||||
Assumed in acquisition | 3,230 | 23.22 | — | — | — | — | ||||||||||||||
Options exercised | (820 | ) | 19.91 | (126 | ) | 16.92 | (198 | ) | 17.41 | |||||||||||
Options forfeited | (13 | ) | 34.23 | — | — | — | — | |||||||||||||
Options expired/canceled | — | — | (9 | ) | 92.26 | — | — | |||||||||||||
Options outstanding at end of year | 3,037 | $ | 22.74 | 640 | $ | 16.93 | 775 | $ | 17.85 | |||||||||||
Options exercisable at end of year | 2,399 | $ | 19.52 | 640 | $ | 16.93 | 775 | $ | 17.85 | |||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | |||||||||||||||||||||||||||||
Outstanding at beginning of year | 3,037 | $ | 22.74 | 640 | $ | 16.93 | 775 | $ | 17.85 | ||||||||||||||||||||||||||
Assumed in acquisition | 0 | 0 | 3,230 | 23.22 | 0 | 0 | |||||||||||||||||||||||||||||
Options exercised | (572) | 22.67 | (820) | 19.91 | (126) | 16.92 | |||||||||||||||||||||||||||||
Options forfeited/expired/canceled | (64) | 33.50 | (13) | 34.23 | (9) | 92.26 | |||||||||||||||||||||||||||||
Options outstanding at end of year | 2,401 | $ | 22.47 | 3,037 | $ | 22.74 | 640 | $ | 16.93 | ||||||||||||||||||||||||||
Options exercisable at end of year | 2,401 | $ | 22.47 | 2,399 | $ | 19.52 | 640 | $ | 16.93 | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||
Risk-free interest rate | 2.40 | % | 2.32 | % | 1.48 | % | |||
Expected stock price volatility | 24.4 | 22.5 | 22.9 | ||||||
Dividend yield | 2.9 | 1.3 | 1.2 | ||||||
Simulation period | 3.0 years | 3.0 years | 3.0 years | ||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Risk-free interest rate | 1.42 | % | 2.40 | % | 2.32 | % | ||||||||||||||
Expected stock price volatility | 25.4 | 24.4 | 22.5 | |||||||||||||||||
Dividend yield | 3.6 | 2.9 | 1.3 | |||||||||||||||||
Simulation period | 3.0 years | 3.0 years | 3.0 years | |||||||||||||||||
Restricted Share Units | Market Restricted Share Units | Performance Share Units | |||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | |||||||||||||||
Outstanding at December 31, 2016 | 706 | $ | 26.38 | 182 | $ | 27.25 | 238 | $ | 25.99 | ||||||||||||
Granted | 243 | 41.82 | 78 | 43.52 | 73 | 41.61 | |||||||||||||||
Dividend equivalents granted | 6 | 41.82 | 3 | 43.52 | 3 | 41.61 | |||||||||||||||
Quantity change by TSR factor | — | — | 22 | 27.25 | — | — | |||||||||||||||
Vested | (342 | ) | 26.25 | (114 | ) | 26.78 | (69 | ) | 23.47 | ||||||||||||
Forfeited | (47 | ) | 26.28 | — | — | — | — | ||||||||||||||
Outstanding at December 31, 2017 | 566 | 33.25 | 171 | 35.24 | 245 | 31.54 | |||||||||||||||
Granted | 249 | 47.34 | 58 | 48.46 | 86 | 47.23 | |||||||||||||||
Dividend equivalents granted | 7 | 44.10 | 3 | 41.91 | 4 | 28.06 | |||||||||||||||
Quantity change by TSR factor | — | — | 18 | 33.21 | — | — | |||||||||||||||
Vested | (280 | ) | 30.86 | (105 | ) | 33.21 | (84 | ) | 28.06 | ||||||||||||
Adjustment for performance vs. target | — | — | — | — | (1 | ) | 28.06 | ||||||||||||||
Forfeited | (16 | ) | 38.60 | (1 | ) | 38.32 | (2 | ) | 33.52 | ||||||||||||
Outstanding at December 31, 2018 | 526 | 41.18 | 144 | 41.91 | 248 | 38.29 | |||||||||||||||
Granted | 550 | 36.27 | 163 | 37.20 | 140 | 37.34 | |||||||||||||||
Assumed in acquisition | 136 | 31.99 | — | — | — | — | |||||||||||||||
Dividend equivalents granted | 23 | 36.27 | 6 | 37.20 | 9 | 37.34 | |||||||||||||||
Quantity change by TSR factor | — | — | (19 | ) | 37.99 | — | — | ||||||||||||||
Vested | (304 | ) | 37.04 | (59 | ) | 37.99 | (93 | ) | 26.35 | ||||||||||||
Adjustment for performance vs. target | — | — | — | — | 6 | 37.34 | |||||||||||||||
Forfeited | (114 | ) | 37.04 | (19 | ) | 37.99 | (31 | ) | 40.34 | ||||||||||||
Outstanding at December 31, 2019 | 817 | $ | 38.32 | 216 | $ | 39.99 | 279 | $ | 41.52 | ||||||||||||
Restricted Share Units | Market Restricted Share Units | Performance Share Units | ||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||||||||||||
Outstanding at December 31, 2017 | 566 | $ | 33.25 | 171 | $ | 35.24 | 245 | $ | 31.54 | |||||||||||||||||||||||||||||
Granted | 249 | 47.34 | 58 | 48.46 | 86 | 47.23 | ||||||||||||||||||||||||||||||||
Dividend equivalents granted | 7 | 44.10 | 3 | 41.91 | 4 | 28.06 | ||||||||||||||||||||||||||||||||
Quantity change by TSR factor | 0 | 0 | 18 | 33.21 | 0 | 0 | ||||||||||||||||||||||||||||||||
Vested | (280) | 30.86 | (105) | 33.21 | (84) | 28.06 | ||||||||||||||||||||||||||||||||
Adjustment for performance vs. target | 0 | 0 | 0 | 0 | (1) | 28.06 | ||||||||||||||||||||||||||||||||
Forfeited | (16) | 38.60 | (1) | 38.32 | (2) | 33.52 | ||||||||||||||||||||||||||||||||
Outstanding at December 31, 2018 | 526 | 41.18 | 144 | 41.91 | 248 | 38.29 | ||||||||||||||||||||||||||||||||
Granted | 550 | 36.27 | 163 | 37.20 | 140 | 37.34 | ||||||||||||||||||||||||||||||||
Assumed in acquisition | 136 | 31.99 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Dividend equivalents granted | 23 | 36.27 | 6 | 37.20 | 9 | 37.34 | ||||||||||||||||||||||||||||||||
Quantity change by TSR factor | 0 | 0 | (19) | 37.99 | 0 | 0 | ||||||||||||||||||||||||||||||||
Vested | (304) | 37.04 | (59) | 37.99 | (93) | 26.35 | ||||||||||||||||||||||||||||||||
Adjustment for performance vs. target | 0 | 0 | 0 | 0 | 6 | 37.34 | ||||||||||||||||||||||||||||||||
Forfeited | (114) | 37.04 | (19) | 37.99 | (31) | 40.34 | ||||||||||||||||||||||||||||||||
Outstanding at December 31, 2019 | 817 | 38.32 | 216 | 39.99 | 279 | 41.52 | ||||||||||||||||||||||||||||||||
Granted | 763 | 32.42 | 0 | 0 | 131 | 35.75 | ||||||||||||||||||||||||||||||||
Dividend equivalents granted | 59 | 32.42 | 9 | 39.99 | 23 | 41.52 | ||||||||||||||||||||||||||||||||
Quantity change by TSR factor | 0 | 0 | 7 | 41.00 | 0 | 0 | ||||||||||||||||||||||||||||||||
Vested | (384) | 38.04 | (104) | 41.00 | (110) | 41.61 | ||||||||||||||||||||||||||||||||
Adjustment for performance vs. target | 0 | 0 | 0 | 0 | 34 | 41.61 | ||||||||||||||||||||||||||||||||
Forfeited | (34) | 35.97 | (37) | 38.42 | (9) | 41.52 | ||||||||||||||||||||||||||||||||
Outstanding at December 31, 2020 | 1,221 | $ | 34.50 | 91 | $ | 39.54 | 348 | $ | 39.33 | |||||||||||||||||||||||||||||
Plan Category(1) | (a) Number of Securities to be Issued Upon Vesting of Restricted Share Units, Market Restricted Share Units, and Performance Share Units(2) | (b) Number of Securities to be Issued Upon Exercise of Outstanding Options | (c) Weighted-Average Exercise Price of Outstanding Options in Column (b) | (d) Number of Shares Remaining Available for Issuance Excluding Shares Reflected in Columns (a) and (b) | ||||||||||||||||||||||
Shareholder approved equity compensation plans for shares of Synovus stock | 1,660 | 2,401 | $ | 22.47 | 1,522 | |||||||||||||||||||||
Plan Category(1) | (a) Number of Securities to be Issued Upon Vesting of Restricted Share Units, Market Restricted Share Units, and Performance Share Units(2) | (b) Number of Securities to be Issued Upon Exercise of Outstanding Options | (c) Weighted-Average Exercise Price of Outstanding Options in Column (b) | (d) Number of Shares Remaining Available for Issuance Excluding Shares Reflected in Columns (a) and (b) | |||||||||
Shareholder approved equity compensation plans for shares of Synovus stock | 1,312 | 3,037 | $ | 22.74 | 3,309 | ||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Current | |||||||||||
Federal | $ | 112,517 | $ | 75,582 | $ | (32,341 | ) | ||||
State | 2,085 | 7,081 | 5,949 | ||||||||
Total current income tax expense (benefit) | 114,602 | 82,663 | (26,392 | ) | |||||||
Deferred | |||||||||||
Federal | 46,182 | 24,894 | 229,917 | ||||||||
State | 40,451 | 11,321 | 1,139 | ||||||||
Total deferred income tax expense | 86,633 | 36,215 | 231,056 | ||||||||
Total income tax expense | $ | 201,235 | $ | 118,878 | $ | 204,664 | |||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 187,741 | $ | 112,517 | $ | 75,582 | |||||||||||
State | 9,421 | 2,085 | 7,081 | ||||||||||||||
Total current income tax expense | 197,162 | 114,602 | 82,663 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | (90,777) | 46,182 | 24,894 | ||||||||||||||
State | 4,585 | 40,451 | 11,321 | ||||||||||||||
Total deferred income tax (benefit) expense | (86,192) | 86,633 | 36,215 | ||||||||||||||
Total income tax expense | $ | 110,970 | $ | 201,235 | $ | 118,878 | |||||||||||
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Income tax expense at statutory federal income tax rate | $ | 101,779 | $ | 160,653 | $ | 114,944 | |||||||||||
Increase (decrease) resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax benefit | 11,168 | 33,764 | 17,270 | ||||||||||||||
Low income housing tax credits and other tax benefits | (13,858) | (8,454) | (6,421) | ||||||||||||||
Low income housing tax credit amortization | 11,247 | 6,871 | 5,316 | ||||||||||||||
Goodwill impairment | 9,424 | 0 | 0 | ||||||||||||||
Income not subject to tax | (9,207) | (6,564) | (3,599) | ||||||||||||||
FDIC premiums | 4,744 | 5,802 | 2,529 | ||||||||||||||
Adjustment related to reduction in U.S. federal statutory income tax rate | 0 | 0 | (9,865) | ||||||||||||||
Executive compensation | 1,501 | 6,385 | 443 | ||||||||||||||
General business tax credits | (657) | (678) | (1,163) | ||||||||||||||
Excess tax benefit from share-based compensation | 311 | (1,337) | (2,801) | ||||||||||||||
Change in valuation allowance | 0 | 0 | (3,431) | ||||||||||||||
Other, net | (5,482) | 4,793 | 5,656 | ||||||||||||||
Total income tax expense | $ | 110,970 | $ | 201,235 | $ | 118,878 | |||||||||||
Effective tax rate | 22.9 | % | 26.3 | % | 21.7 | % | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Income tax expense at statutory federal income tax rate | $ | 160,653 | $ | 114,944 | $ | 168,048 | |||||
Increase (decrease) resulting from: | |||||||||||
State income tax expense, net of federal income tax benefit | 33,764 | 17,270 | 11,961 | ||||||||
Adjustment related to reduction in U.S. federal statutory income tax rate(1)(2) | — | (9,865 | ) | 46,573 | |||||||
Low income housing tax credits and other tax benefits | (8,454 | ) | (6,421 | ) | (2,759 | ) | |||||
Low income housing tax credit amortization | 6,871 | 5,316 | 268 | ||||||||
Executive compensation | 6,385 | 443 | — | ||||||||
FDIC premiums | 5,802 | 2,529 | — | ||||||||
Bank-owned life insurance | (4,226 | ) | (3,055 | ) | (4,702 | ) | |||||
Excess tax benefit from share-based compensation | (1,337 | ) | (2,801 | ) | (4,318 | ) | |||||
General business tax credits(3) | (678 | ) | (1,163 | ) | (4,615 | ) | |||||
Change in valuation allowance(4) | — | (3,431 | ) | (6,227 | ) | ||||||
Other, net | 2,455 | 5,112 | 435 | ||||||||
Total income tax expense | $ | 201,235 | $ | 118,878 | $ | 204,664 | |||||
Effective tax rate | 26.3 | % | 21.7 | % | 42.6 | % | |||||
(in thousands) | 2019 | 2018 | |||||
Deferred tax assets | |||||||
Lease liability | $ | 99,053 | $ | 2,526 | |||
Allowance for loan losses | 73,929 | 63,952 | |||||
Net operating loss carryforwards | 38,972 | 33,008 | |||||
Employee benefits and deferred compensation | 28,874 | 20,363 | |||||
Tax credit carryforwards | 21,076 | 20,088 | |||||
Deferred revenue | 8,237 | 10,189 | |||||
Non-performing loan interest | 5,232 | 2,442 | |||||
Net unrealized losses on investment securities available for sale | — | 24,419 | |||||
Other | 15,101 | 9,415 | |||||
Total gross deferred tax assets | 290,474 | 186,402 | |||||
Less valuation allowance | (18,445 | ) | — | ||||
Total deferred tax assets | 272,029 | 186,402 | |||||
Deferred tax liabilities | |||||||
Right-of-use asset | (97,400 | ) | — | ||||
Excess tax over financial statement depreciation | (41,097 | ) | (31,260 | ) | |||
Net unrealized gains (losses) on investment securities available for sale and cash flow hedges | (31,678 | ) | — | ||||
Purchase accounting intangibles | (15,184 | ) | (2,968 | ) | |||
Fair value of investment securities and loans | (8,602 | ) | — | ||||
Other properties held for sale | (3,884 | ) | (5,469 | ) | |||
Other | (9,082 | ) | (5,571 | ) | |||
Total gross deferred tax liabilities | (206,927 | ) | (45,268 | ) | |||
Net deferred tax assets | $ | 65,102 | $ | 141,134 | |||
(in thousands) | 2020 | 2019 | |||||||||
Deferred tax assets | |||||||||||
Allowance for loan losses | $ | 165,691 | $ | 73,929 | |||||||
Lease liability | 98,340 | 99,053 | |||||||||
Net operating loss carryforwards | 29,684 | 38,972 | |||||||||
Employee benefits and deferred compensation | 27,917 | 28,874 | |||||||||
Deferred revenue | 24,751 | 8,237 | |||||||||
Non-performing loan interest | 12,472 | 5,232 | |||||||||
Fair value of investment securities and loans | 10,093 | 0 | |||||||||
Tax credit carryforwards | 8,605 | 21,076 | |||||||||
Other | 9,819 | 15,101 | |||||||||
Total gross deferred tax assets | 387,372 | 290,474 | |||||||||
Less valuation allowance | (19,191) | (18,445) | |||||||||
Total deferred tax assets | 368,181 | 272,029 | |||||||||
Deferred tax liabilities | |||||||||||
Right-of-use asset | (98,681) | (97,400) | |||||||||
Net unrealized gains (losses) on investment securities available for sale and cash flow hedges | (64,344) | (31,678) | |||||||||
Excess tax over financial statement depreciation | (40,452) | (41,097) | |||||||||
Purchase accounting intangibles | (14,458) | (15,184) | |||||||||
Prepaid expenses | (5,955) | (5,664) | |||||||||
Fair value of investment securities and loans | 0 | (8,602) | |||||||||
Other | (13,443) | (7,302) | |||||||||
Total gross deferred tax liabilities | (237,333) | (206,927) | |||||||||
Net deferred tax assets | $ | 130,848 | $ | 65,102 | |||||||
Tax Carryforwards | As of December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset Balance, Gross | Valuation Allowance | Net Deferred Tax Asset Balance | Pre-Tax Earnings Necessary to Realize(1) | ||||||||||||||||||||||||
Net operating losses - federal | 2029-2032 | $ | 19,903 | $ | (15,852) | $ | 4,051 | $ | 19,292 | ||||||||||||||||||||
Net operating losses - states | 2023-2034 | 15,783 | (3,339) | 12,444 | 1,346,109 | ||||||||||||||||||||||||
Other credits - states | 2023-2030 | 12,733 | 0 | 12,733 | N/A | ||||||||||||||||||||||||
Tax Carryforwards | As of December 31, 2019 | ||||||||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset Balance, Gross | Valuation Allowance | Net Deferred Tax Asset Balance | Pre-Tax Earnings Necessary to Realize(1) | ||||||||||||
Net operating losses - federal | 2029-2032 | $ | 19,902 | $ | (15,852 | ) | $ | 4,050 | $ | 19,286 | |||||||
Net operating losses - states | 2023-2028 | 558 | — | 558 | 379,402 | ||||||||||||
Net operating losses - states | 2029-2033 | 24,998 | (2,593 | ) | 22,405 | 889,150 | |||||||||||
Net operating losses - states | 2034-2036 | 372 | — | 372 | 6,973 | ||||||||||||
Other credits - states | 2020-2024 | 21,408 | — | 21,408 | N/A | ||||||||||||
Other credits - states | 2025-2029 | 1,269 | — | 1,269 | N/A | ||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at January 1, | $ | 20,994 | $ | 18,586 | $ | 15,117 | |||||||||||
Additions based on income tax positions related to current year | 461 | 550 | 1,165 | ||||||||||||||
Additions for income tax positions of prior years(1) | 147 | 0 | 2,321 | ||||||||||||||
Additions from acquisition | 0 | 3,464 | 0 | ||||||||||||||
Reductions for income tax positions of prior years | (327) | (1,589) | 0 | ||||||||||||||
Statute of limitation expirations | (820) | (17) | (17) | ||||||||||||||
Settlements | (205) | 0 | 0 | ||||||||||||||
Balance at December 31, | $ | 20,250 | $ | 20,994 | $ | 18,586 | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Balance at January 1, | $ | 18,586 | $ | 15,117 | $ | 14,745 | |||||
Additions based on income tax positions related to current year | 550 | 1,165 | 152 | ||||||||
Additions for income tax positions of prior years(1) | — | 2,321 | 934 | ||||||||
Additions from acquisition | 3,464 | — | — | ||||||||
Reductions for income tax positions of prior years | (1,589 | ) | — | (706 | ) | ||||||
Statute of limitation expirations | (17 | ) | (17 | ) | (8 | ) | |||||
Balance at December 31, | $ | 20,994 | $ | 18,586 | $ | 15,117 | |||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | (in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||||||||||
2019 Proforma | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 825,219 | $ | 518,033 | $ | 112,431 | $ | 140,120 | $ | 1,595,803 | Net interest income | $ | 857,574 | $ | 548,152 | $ | 76,794 | $ | 30,228 | $ | 1,512,748 | |||||||||||||||||||||||||||
Non-interest income | 136,657 | 28,948 | 154,166 | 36,129 | 355,900 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 122,455 | 26,379 | 224,496 | 133,183 | 506,513 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 302,327 | 71,393 | 152,115 | 573,133 | 1,098,968 | Non-interest expense | 288,407 | 84,142 | 231,792 | 575,233 | 1,179,574 | |||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 659,549 | $ | 475,588 | $ | 114,482 | $ | (396,884 | ) | $ | 852,735 | Pre-provision net revenue | $ | 691,622 | $ | 490,389 | $ | 69,498 | $ | (411,822) | $ | 839,687 | ||||||||||||||||||||||||||
Fourth Quarter (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 (Proforma) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 199,770 | $ | 129,792 | $ | 26,006 | $ | 43,701 | $ | 399,269 | Net interest income | $ | 825,219 | $ | 518,033 | $ | 112,431 | $ | 140,120 | $ | 1,595,803 | |||||||||||||||||||||||||||
Non-interest income | 34,686 | 7,161 | 42,293 | 13,815 | 97,955 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 136,657 | 28,948 | 154,166 | 36,129 | 355,900 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 77,187 | 16,252 | 40,976 | 131,707 | 266,122 | Non-interest expense | 302,327 | 71,393 | 152,115 | 573,133 | 1,098,968 | |||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 157,269 | $ | 120,701 | $ | 27,323 | $ | (74,191 | ) | $ | 231,102 | Pre-provision net revenue | $ | 659,549 | $ | 475,588 | $ | 114,482 | $ | (396,884) | $ | 852,735 | ||||||||||||||||||||||||||
Third Quarter Proforma (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 203,197 | $ | 133,773 | $ | 26,582 | $ | 38,545 | $ | 402,097 | ||||||||||||||||||||||||||||||||||||||
Non-interest income | 35,145 | 7,092 | 40,966 | 5,557 | 88,760 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 76,414 | 25,413 | 40,413 | 134,070 | 276,310 | |||||||||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 161,928 | $ | 115,452 | $ | 27,135 | $ | (89,968 | ) | $ | 214,547 | |||||||||||||||||||||||||||||||||||||
Second Quarter Proforma (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 207,493 | $ | 128,857 | $ | 30,978 | $ | 29,934 | $ | 397,262 | ||||||||||||||||||||||||||||||||||||||
Non-interest income | 34,050 | 7,937 | 38,628 | 9,192 | 89,807 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 73,910 | 14,709 | 37,508 | 137,999 | 264,126 | |||||||||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 167,633 | $ | 122,085 | $ | 32,098 | $ | (98,873 | ) | $ | 222,943 | |||||||||||||||||||||||||||||||||||||
First Quarter Proforma (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 214,759 | $ | 125,611 | $ | 28,865 | $ | 27,940 | $ | 397,175 | ||||||||||||||||||||||||||||||||||||||
Non-interest income | 32,776 | 6,758 | 32,279 | 7,565 | 79,378 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 74,816 | 15,019 | 33,218 | 169,357 | 292,410 | |||||||||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 172,719 | $ | 117,350 | $ | 27,926 | $ | (133,852 | ) | $ | 184,143 | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||
Total loans net of deferred fees and costs | $ | 11,346,219 | $ | 18,810,729 | $ | 5,252,604 | $ | 2,843,432 | $ | 38,252,984 | ||||||||||||||||||||||
Total deposits | $ | 29,344,653 | $ | 11,958,105 | $ | 535,876 | $ | 4,852,937 | $ | 46,691,571 | ||||||||||||||||||||||
Total full-time equivalent employees | 2,199 | 285 | 832 | 1,818 | 5,134 | |||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||
Total loans net of deferred fees and costs | $ | 12,170,914 | $ | 17,643,509 | $ | 5,285,455 | $ | 2,062,572 | $ | 37,162,450 | ||||||||||||||||||||||
Total deposits | $ | 25,610,777 | $ | 8,314,184 | $ | 284,716 | $ | 4,195,827 | $ | 38,405,504 | ||||||||||||||||||||||
Total full-time equivalent employees | 2,301 | 213 | 839 | 1,911 | 5,264 | |||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||
Total loans net of deferred fees and costs | $ | 12,170,914 | $ | 17,643,509 | $ | 5,285,455 | $ | 2,062,572 | $ | 37,162,450 | |||||||||
Total deposits | $ | 25,610,777 | $ | 8,314,184 | $ | 284,716 | $ | 4,195,827 | $ | 38,405,504 | |||||||||
Total full-time equivalent employees | 2,301 | 213 | 839 | 1,911 | 5,264 | ||||||||||||||
Condensed Balance Sheets | |||||||||||
December 31 | |||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Assets | |||||||||||
Cash due from bank subsidiary | $ | 439,352 | $ | 365,111 | |||||||
Funds due from other depository institutions | 9,277 | 9,277 | |||||||||
Total cash, cash equivalents, and restricted cash | 448,629 | 374,388 | |||||||||
Investment in consolidated bank subsidiary, at equity | 5,239,849 | 5,303,005 | |||||||||
Investment in consolidated nonbank subsidiaries, at equity | 46,271 | 43,370 | |||||||||
Note receivable from bank subsidiary | 100,000 | 100,000 | |||||||||
Other assets | 16,975 | 54,142 | |||||||||
Total assets | $ | 5,851,724 | $ | 5,874,905 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Liabilities: | |||||||||||
Long-term debt | $ | 606,406 | $ | 853,897 | |||||||
Other liabilities | 83,984 | 79,318 | |||||||||
Total liabilities | 690,390 | 933,215 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | 537,145 | 537,145 | |||||||||
Common stock | 168,133 | 166,801 | |||||||||
Additional paid-in capital | 3,851,208 | 3,819,336 | |||||||||
Treasury stock | (731,806) | (715,560) | |||||||||
Accumulated other comprehensive income, net | 158,635 | 65,641 | |||||||||
Retained earnings | 1,178,019 | 1,068,327 | |||||||||
Total shareholders’ equity | 5,161,334 | 4,941,690 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,851,724 | $ | 5,874,905 | |||||||
Condensed Balance Sheets | |||||||
December 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Assets | |||||||
Cash due from bank subsidiary | $ | 365,111 | $ | 213,096 | |||
Funds due from other depository institutions | 9,277 | 9,927 | |||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 374,388 | 223,023 | |||||
Investment in consolidated bank subsidiary, at equity | 5,303,005 | 3,418,471 | |||||
Investment in consolidated nonbank subsidiaries, at equity | 43,370 | 34,586 | |||||
Note receivable from bank subsidiary | 100,000 | — | |||||
Other assets | 54,142 | 62,915 | |||||
Total assets | $ | 5,874,905 | $ | 3,738,995 | |||
Liabilities and Shareholders' Equity | |||||||
Liabilities: | |||||||
Long-term debt | $ | 853,897 | $ | 555,704 | |||
Other liabilities | 79,318 | 49,689 | |||||
Total liabilities | 933,215 | 605,393 | |||||
Shareholders’ equity: | |||||||
Preferred stock | 537,145 | 195,140 | |||||
Common stock | 166,801 | 143,300 | |||||
Additional paid-in capital | 3,819,336 | 3,060,561 | |||||
Treasury stock | (715,560 | ) | (1,014,746 | ) | |||
Accumulated other comprehensive income (loss), net | 65,641 | (94,420 | ) | ||||
Retained earnings | 1,068,327 | 843,767 | |||||
Total shareholders’ equity | 4,941,690 | 3,133,602 | |||||
Total liabilities and shareholders’ equity | $ | 5,874,905 | $ | 3,738,995 | |||
Condensed Statements of Income | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Income | |||||||||||
Cash dividends received from subsidiaries(1) | $ | 400,000 | $ | 250,000 | $ | 283,210 | |||||
Cash distributions received from subsidiaries(1) | — | 10,000 | 167,790 | ||||||||
Interest income | 5,920 | 1,703 | 1,443 | ||||||||
Other income (loss) | 11,590 | (3,904 | ) | 345 | |||||||
Total income | 417,510 | 257,799 | 452,788 | ||||||||
Expenses | |||||||||||
Interest expense | 41,328 | 25,287 | 43,922 | ||||||||
Other expenses | 13,528 | 21,455 | 33,955 | ||||||||
Total expenses | 54,856 | 46,742 | 77,877 | ||||||||
Income before income taxes and equity in undistributed income (loss) of subsidiaries | 362,654 | 211,057 | 374,911 | ||||||||
Allocated income tax benefit | (9,753 | ) | (13,690 | ) | (30,421 | ) | |||||
Income before equity in undistributed income (loss) of subsidiaries | 372,407 | 224,747 | 405,332 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 191,373 | 203,729 | (129,858 | ) | |||||||
Net income | 563,780 | 428,476 | 275,474 | ||||||||
Dividends and redemption charge on preferred stock | 22,881 | 17,998 | 10,238 | ||||||||
Net income available to common shareholders | $ | 540,899 | $ | 410,478 | $ | 265,236 | |||||
129 |
Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | ||||||||||||||||||||||||||
Net income | $ | 765,015 | $ | (201,235 | ) | $ | 563,780 | $ | 547,354 | $ | (118,878 | ) | $ | 428,476 | $ | 480,138 | $ | (204,664 | ) | $ | 275,474 | ||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income on cash flow hedges | — | — | — | — | — | — | 130 | (50 | ) | 80 | |||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale | (22 | ) | 6 | (16 | ) | — | — | — | (5,506 | ) | 2,120 | (3,386 | ) | ||||||||||||||||||||||
Other comprehensive gain (loss) of bank subsidiary | 216,032 | (55,955 | ) | 160,077 | (43,447 | ) | 11,252 | (32,195 | ) | 6,784 | (2,573 | ) | 4,211 | ||||||||||||||||||||||
Other comprehensive income (loss) | $ | 216,010 | $ | (55,949 | ) | $ | 160,061 | $ | (43,447 | ) | $ | 11,252 | $ | (32,195 | ) | $ | 1,408 | $ | (503 | ) | $ | 905 | |||||||||||||
Comprehensive income | $ | 723,841 | $ | 396,281 | $ | 276,379 | |||||||||||||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2019 | 2018 | 2017 | ||||||||
Operating Activities | |||||||||||
Net income | $ | 563,780 | $ | 428,476 | $ | 275,474 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed (income) loss of subsidiaries | (191,373 | ) | (203,729 | ) | 129,858 | ||||||
Deferred income tax expense | 1,775 | 1,055 | 60,931 | ||||||||
Net increase (decrease) in other liabilities | 43,617 | 9,551 | (1,095 | ) | |||||||
Net decrease (increase) in other assets | 3,367 | 6,723 | (8 | ) | |||||||
Other, net | 1,037 | 1,115 | (3,330 | ) | |||||||
Net cash provided by operating activities | 422,203 | 243,191 | 461,830 | ||||||||
Investing Activities | |||||||||||
Proceeds from sales of investment securities available for sale | 97,389 | — | 4,305 | ||||||||
Advance of long-term note receivable due from bank subsidiary | (100,000 | ) | — | — | |||||||
Net decrease in short-term notes receivable from non-bank subsidiaries | — | — | 35,200 | ||||||||
Return of investment non-bank subsidiary | 790 | — | — | ||||||||
Net cash received in business combination, net of cash paid | 4,813 | — | — | ||||||||
Net cash provided by investing activities | 2,992 | — | 39,505 | ||||||||
Financing Activities | |||||||||||
Dividends paid to common and preferred shareholders | (185,664 | ) | (120,202 | ) | (64,908 | ) | |||||
Repurchases of common stock | (725,398 | ) | (175,072 | ) | (175,079 | ) | |||||
Repayments and redemption of long-term debt | — | — | (600,386 | ) | |||||||
Proceeds from issuance of long-term debt | 297,174 | — | 296,866 | ||||||||
Proceeds from issuance of preferred stock | 342,005 | 195,140 | — | ||||||||
Redemption of preferred stock | — | (130,000 | ) | — | |||||||
Earnout payment | (1,947 | ) | (1,220 | ) | (892 | ) | |||||
Net cash used in financing activities | (273,830 | ) | (231,354 | ) | (544,399 | ) | |||||
Increase (decrease) in cash and cash equivalents including restricted cash | 151,365 | 11,837 | (43,064 | ) | |||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 223,023 | 211,186 | 254,250 | ||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year | $ | 374,388 | $ | 223,023 | $ | 211,186 | |||||
Condensed Statements of Cash Flows | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 373,695 | $ | 563,780 | $ | 428,476 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Equity in undistributed (income) loss of subsidiaries | 140,819 | (191,373) | (203,729) | ||||||||||||||
Deferred income tax expense | 3,962 | 1,775 | 1,055 | ||||||||||||||
Net increase in other liabilities | 11,243 | 43,617 | 9,551 | ||||||||||||||
Net decrease in other assets | 17,441 | 3,367 | 6,723 | ||||||||||||||
Other, net | (5,132) | 1,037 | 1,115 | ||||||||||||||
Net cash provided by operating activities | 542,028 | 422,203 | 243,191 | ||||||||||||||
Investing Activities | |||||||||||||||||
Proceeds from sales of investment securities available for sale | 0 | 97,389 | 0 | ||||||||||||||
Advance of long-term note receivable due from bank subsidiary | 0 | (100,000) | 0 | ||||||||||||||
Return of investment non-bank subsidiary | 0 | 790 | 0 | ||||||||||||||
Proceeds from sales of equity securities | 23,141 | 0 | 0 | ||||||||||||||
Net cash received in business combination, net of cash paid | 0 | 4,813 | 0 | ||||||||||||||
Net cash provided by investing activities | 23,141 | 2,992 | 0 | ||||||||||||||
Financing Activities | |||||||||||||||||
Dividends paid to common and preferred shareholders | (223,130) | (185,664) | (120,202) | ||||||||||||||
Repurchases of common stock | (16,246) | (725,398) | (175,072) | ||||||||||||||
Redemption of long-term debt | (250,000) | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | 297,174 | 0 | ||||||||||||||
Proceeds from issuance (redemption) of preferred stock, net | 0 | 342,005 | 65,140 | ||||||||||||||
Other | (1,552) | (1,947) | (1,220) | ||||||||||||||
Net cash used in financing activities | (490,928) | (273,830) | (231,354) | ||||||||||||||
Increase in cash, cash equivalents, and restricted cash | 74,241 | 151,365 | 11,837 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 374,388 | 223,023 | 211,186 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 448,629 | $ | 374,388 | $ | 223,023 | |||||||||||
/s/ Kessel D. Stelling | /s/ Andrew J. Gregory, Jr. | |||||||
Kessel D. Stelling | Andrew J. Gregory, Jr. | |||||||
Chairman of the Board and Chief Executive Officer | Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |||||||
3.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.8 | |||||||||
4.9 | |||||||||
4.10 | |||||||||
10.1 | |||||||||
10.2 |
Exhibit Number | Description | |||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.11 | |||||||||
10.12 | |||||||||
10.13 | |||||||||
10.14 | |||||||||
10.15 | |||||||||
Number | Description | |||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.24 | |||||||||
10.25 | |||||||||
10.26 | |||||||||
10.27 | |||||||||
10.28 | |||||||||
Number | Description | |||||||
10.29 | ||||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 | ||||||||
10.37 | |||||||||
10.38 | |||||||||
10.39 | |||||||||
10.40 | |||||||||
10.41 | |||||||||
10.42 | |||||||||
Number | Description | ||||||||
10.43 | |||||||||
10.44 | |||||||||
10.46 | |||||||||
14 | |||||||||
21.1 | |||||||||
23.1 | |||||||||
24.1 | |||||||||
31.1 | |||||||||
31.2 | |||||||||
32 | |||||||||
Interactive Data File |
* | Indicates management contracts and compensatory plans and arrangements. |
SYNOVUS FINANCIAL CORP. | ||||||||||||||
Date: | March | By: | /s/ Kessel D. Stelling | |||||||||||
Kessel D. Stelling | ||||||||||||||
Chairman of the Board and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Kessel D. Stelling | Chairman of the Board, Chief Executive Officer and Director | March 1, 2021 | ||||||||||||
Kessel D. Stelling | (Principal Executive Officer) | |||||||||||||
/s/ Andrew J. Gregory, Jr. | Executive Vice President and Chief Financial Officer | March 1, 2021 | ||||||||||||
Andrew J. Gregory, Jr. | (Principal Financial Officer) | |||||||||||||
/s/ Jill K. Hurley | Chief Accounting Officer | March 1, 2021 | ||||||||||||
Jill K. Hurley | (Principal Accounting Officer) | |||||||||||||
/s/ Tim E. Bentsen | Director | March 1, 2021 | ||||||||||||
Tim E. Bentsen | ||||||||||||||
Kevin S. Blair | ||||||||||||||
F. Dixon Brooke, Jr. | ||||||||||||||
/s/ Stephen T. Butler | Director | March 1, 2021 | ||||||||||||
Stephen T. Butler | ||||||||||||||
/s/ Elizabeth W. Camp | Director | March 1, 2021 | ||||||||||||
Elizabeth W. Camp |
Signature | Title | Date | ||||||||||||||
/s/ Pedro Cherry | Director | March 1, 2021 | ||||||||||||||
Pedro Cherry | ||||||||||||||||
/s/ Diana M. Murphy | Director | March 1, 2021 | ||||||||||||||
Diana M. Murphy | ||||||||||||||||
/s/ Harris Pastides | Director | March | ||||||||||||||
Harris Pastides | ||||||||||||||||
/s/ Joseph J. Prochaska, Jr. | Director | March | ||||||||||||||
Joseph J. Prochaska, Jr. | ||||||||||||||||
/s/ John | Director | March | ||||||||||||||
John | ||||||||||||||||
/s/ Barry L. Storey | Director | March | ||||||||||||||
Barry L. Storey | ||||||||||||||||
/s/ Teresa White | Director | March | ||||||||||||||
Teresa White | ||||||||||||||||