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 | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
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, 2021 | Table 1 – Capital Ratios as of December 31, 2021 | ||||||||||||||||
Synovus | Synovus Bank | ||||||||||||||||
Table 1 – Capital Ratios as of December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Synovus | Synovus Bank | |||||||||||||||
CET1 ratio | 8.95 | % | 11.10 | % | |||||||||||||
CET1 capital ratio | CET1 capital ratio | 9.50 | % | 10.83 | % | ||||||||||||
Tier 1 risk-based capital ratio | 10.23 | 11.10 | Tier 1 risk-based capital ratio | 10.66 | 10.83 | ||||||||||||
Total risk-based capital ratio | 12.25 | 11.78 | Total risk-based capital ratio | 12.61 | 12.11 | ||||||||||||
Leverage ratio | 9.16 | 9.94 | Leverage ratio | 8.72 | 8.86 | ||||||||||||
Table 2 - Stock Performance | |||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
Synovus | $ | 100 | $ | 118.28 | $ | 80.74 | $ | 102.24 | $ | 90.10 | $ | 137.16 | |||||||||||||||||||||||
Standard & Poor's 500 Index | 100 | 121.82 | 116.47 | 153.13 | 181.29 | 233.28 | |||||||||||||||||||||||||||||
KBW Regional Bank Index | 100 | 101.81 | 84.00 | 104.05 | 95.02 | 129.84 | |||||||||||||||||||||||||||||
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 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 2021 | 24 | $ | 47.49 | 24 | $ | 31,786 | |||||||||||||||||
November 2021 | 373 | 48.70 | 373 | 13,628 | |||||||||||||||||||
December 2021 | 290 | 46.51 | 290 | 137 | |||||||||||||||||||
Total | 687 | $ | 47.73 | 687 | |||||||||||||||||||
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 revenue(1) increase of 4% to 7%(2) •Adjusted non-interest expense(1) increase of 2% to 5% • |
(2) Assumes three FOMC rate hikes and excludes the impact of PPP-related revenue (3) Assuming no significant changes to the current tax environment |
Table 4 - Consolidated Financial Highlights | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands, except per share data) | 2021 | 2020 | Change | |||||||||||||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | 1 | % | ||||||||||||||
Provision for (reversal of) credit losses | (106,251) | 355,022 | nm | |||||||||||||||||
Non-interest revenue | 450,066 | 506,513 | (11) | |||||||||||||||||
Adjusted non-interest revenue(1) | 448,049 | 420,497 | 7 | |||||||||||||||||
Total TE revenue | 1,986,198 | 2,022,685 | (2) | |||||||||||||||||
Adjusted total revenue(1) | 1,984,181 | 1,936,669 | 2 | |||||||||||||||||
Non-interest expense | 1,099,904 | 1,179,574 | (7) | |||||||||||||||||
Adjusted non-interest expense(1) | 1,086,702 | 1,089,132 | — | |||||||||||||||||
Income before income taxes | 989,360 | 484,665 | 104 | |||||||||||||||||
Net income | 760,467 | 373,695 | 103 | |||||||||||||||||
Net income available to common shareholders | 727,304 | 340,532 | 114 | |||||||||||||||||
Net income per common share, basic | 4.95 | 2.31 | 114 | |||||||||||||||||
Net income per common share, diluted | 4.90 | 2.30 | 113 | |||||||||||||||||
Adjusted net income per common share, diluted(1) | 4.95 | 2.41 | 105 | |||||||||||||||||
Return on average common equity | 15.56 | % | 7.51 | % | 805 | bps | ||||||||||||||
Adjusted return on average common equity(1) | 15.74 | 7.87 | 787 | |||||||||||||||||
Adjusted return on average tangible common equity(1) | 17.76 | 9.12 | 864 | |||||||||||||||||
Return on average assets | 1.37 | 0.72 | 65 | |||||||||||||||||
Adjusted return on average assets(1) | 1.39 | 0.75 | 64 | |||||||||||||||||
Efficiency ratio-TE | 55.38 | 58.32 | (294) | |||||||||||||||||
Adjusted tangible efficiency ratio(1) | 54.29 | 55.69 | (140) | |||||||||||||||||
As of and For The Years Ended December 31, | ||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,311,958 | $ | 38,252,984 | 3 | % | ||||||||||||||
Total deposits | 49,427,276 | 46,691,571 | 6 | |||||||||||||||||
Core transaction deposits (excludes CDs, brokered and public fund deposits) | 37,880,650 | 32,754,609 | 16 | |||||||||||||||||
Net interest margin | 3.01 | % | 3.18 | % | (17) | bps | ||||||||||||||
Dividend payout ratio(2) | 26.95 | 57.45 | (3,050) | |||||||||||||||||
Non-performing assets ratio | 0.40 | 0.50 | (10) | |||||||||||||||||
Non-performing loans ratio | 0.33 | 0.39 | (6) | |||||||||||||||||
Past due loans over 90 days | 0.02 | 0.01 | 1 | |||||||||||||||||
Net charge-off ratio | 0.20 | 0.24 | (4) | |||||||||||||||||
CET1 capital | $ | 4,388,618 | $ | 4,034,865 | 9 | % | ||||||||||||||
Tier 1 risk-based capital | 4,925,763 | 4,572,010 | 8 | |||||||||||||||||
Total risk-based capital | 5,827,196 | 5,604,230 | 4 | |||||||||||||||||
CET1 capital ratio | 9.50 | % | 9.66 | % | (16) | bps | ||||||||||||||
Tier 1 risk-based capital ratio | 10.66 | 10.95 | (29) | |||||||||||||||||
Total risk-based capital ratio | 12.61 | 13.42 | (81) | |||||||||||||||||
Total shareholders’ equity to total assets ratio | 9.24 | 9.49 | (25) | |||||||||||||||||
Tangible common equity to tangible assets ratio(1) | 7.52 | 7.66 | (14) | |||||||||||||||||
Table 5 - Consolidated Financial Highlights | ||||||||||||
Years Ended December 31, | ||||||||||||
(dollars in thousands, except per share data) | 2019 | 2018 | Change | |||||||||
Net interest income | $ | 1,595,803 | $ | 1,148,413 | 39.0 | % | ||||||
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 | |||||||||
Non-interest expense | 1,098,968 | 829,455 | 32.5 | |||||||||
Adjusted non-interest expense(1) | 1,022,498 | 809,487 | 26.3 | |||||||||
Income before income taxes | 765,015 | 547,354 | 39.8 | |||||||||
Net income | 563,780 | 428,476 | 31.6 | |||||||||
Net income available to common shareholders | 540,899 | 410,478 | 31.8 | |||||||||
Net income per common share, basic | 3.50 | 3.49 | 0.4 | |||||||||
Net income per common share, diluted | 3.47 | 3.47 | — | |||||||||
Adjusted net income per common share, diluted(1) | 3.90 | 3.64 | 7.3 | |||||||||
Return on average common equity | 12.34 | % | 14.55 | % | (221 | ) | 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 | |||||||||
Return on average assets | 1.20 | 1.35 | (15 | ) | ||||||||
Adjusted return on average assets(1) | 1.35 | 1.40 | (5 | ) | ||||||||
Efficiency ratio-FTE | 56.22 | 58.04 | (182 | ) | ||||||||
Adjusted tangible efficiency ratio(1) | 51.82 | 56.33 | (451 | ) | ||||||||
As Of and For The Years Ended December 31, | ||||||||||||
2019 | 2018 | Change | ||||||||||
Loans, net of deferred fees and costs | $ | 37,162,450 | $ | 25,946,573 | 43.2 | % | ||||||
Total deposits | 38,405,504 | 26,720,322 | 43.7 | |||||||||
Core deposits(2) | 34,975,511 | 25,172,292 | 38.9 | |||||||||
Core transaction deposits(3) | 24,167,582 | 19,111,533 | 26.5 | |||||||||
Net interest margin | 3.70 | % | 3.86 | % | (16 | ) | bps | |||||
Non-performing assets ratio | 0.37 | 0.44 | (7 | ) | ||||||||
Non-performing loans ratio | 0.27 | 0.41 | (14 | ) | ||||||||
Past due loans over 90 days | 0.04 | 0.01 | 3 | |||||||||
Net charge-off ratio | 0.16 | 0.20 | (4 | ) | ||||||||
CET1 capital (transitional) | $ | 3,743,459 | $ | 2,897,997 | 29.2 | % | ||||||
Tier 1 risk-based capital | 4,280,604 | 3,090,416 | 38.5 | |||||||||
Total risk-based capital | 5,123,381 | 3,601,376 | 42.3 | |||||||||
CET1 capital ratio (transitional) | 8.95 | % | 9.95 | % | (100 | ) | bps | |||||
Tier 1 risk-based capital ratio | 10.23 | 10.61 | (38 | ) | ||||||||
Total risk-based capital ratio | 12.25 | 12.37 | (12 | ) | ||||||||
Total shareholders’ equity to total assets ratio | 10.25 | 9.59 | 66 | |||||||||
Tangible common equity to tangible assets ratio(1) | 8.08 | 8.81 | (73 | ) | ||||||||
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 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
(dollars in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | ||||||||||||||
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 | $ | 44,708 | $ | 263,879 | $ | 566,020 | $ | 5,904,063 | $ | 6,778,670 | |||||||||
Weighted Average Yield | |||||||||||||||||||
U.S. Treasury securities | 1.51 | % | — | % | — | % | — | % | 1.51 | % | |||||||||
U.S. Government agency securities | 5.85 | 3.58 | 3.66 | — | 3.68 | ||||||||||||||
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 sponsored enterprises | — | 5.39 | 2.42 | 3.06 | 3.04 | ||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 1.50 | 2.76 | 2.76 | ||||||||||||||
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 | ||||||||||||||
Total | 3.29 | % | 3.74 | % | 3.39 | % | 3.03 | % | 3.09 | % | |||||||||
Table 5 - Maturities and Weighted Average Yields of Investment Securities Available for Sale | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | ||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,600 | $ | — | $ | 97,238 | $ | — | $ | 117,838 | |||||||||||||||||||
U.S. Government agency securities | 760 | 322 | 53,119 | — | 54,201 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 870 | 136 | 778,627 | 779,633 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 28 | — | 83,271 | 7,929,002 | 8,012,301 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 150 | 939,473 | 939,623 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 182,821 | 209,311 | 89,612 | 481,744 | ||||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | — | 514,188 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,730 | — | 9,071 | — | 18,801 | ||||||||||||||||||||||||
Total | $ | 545,306 | $ | 184,013 | $ | 452,296 | $ | 9,736,714 | $ | 10,918,329 | |||||||||||||||||||
Weighted Average Yield | |||||||||||||||||||||||||||||
U.S. Treasury securities | 0.04 | % | — | % | 1.01 | % | — | % | 0.85 | % | |||||||||||||||||||
U.S. Government agency securities | 5.12 | 4.86 | 2.70 | — | 2.75 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 2.96 | 2.99 | 2.20 | 2.20 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 4.35 | — | 2.32 | 1.92 | 1.93 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 1.03 | 1.25 | 1.25 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 1.62 | 1.46 | 2.67 | 1.74 | ||||||||||||||||||||||||
Asset-backed securities | 1.34 | — | — | — | 1.34 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 4.72 | — | 2.77 | — | 3.78 | ||||||||||||||||||||||||
Total | 1.35 | % | 1.64 | % | 1.68 | % | 1.89 | % | 1.85 | % | |||||||||||||||||||
Table 6 - Loans by Portfolio Class | ||||||||||||||||||||||||||||||||
December 31, | December 31, 2021 vs. December 31, 2020 Change | |||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans | % | Total Loans | % | ||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,052,475 | 30.6 | % | $ | 12,410,152 | 32.4 | % | $ | (357,677) | (3) | % | ||||||||||||||||||||
Owner-occupied | 7,508,686 | 19.1 | 7,110,016 | 18.6 | 398,670 | 6 | ||||||||||||||||||||||||||
Total commercial and industrial | 19,561,161 | 49.7 | 19,520,168 | 51.0 | 40,993 | — | ||||||||||||||||||||||||||
Investment properties | 9,869,155 | 25.1 | 9,103,379 | 23.8 | 765,776 | 8 | ||||||||||||||||||||||||||
1-4 family properties | 645,469 | 1.6 | 628,695 | 1.6 | 16,774 | 3 | ||||||||||||||||||||||||||
Land and development | 466,866 | 1.2 | 593,633 | 1.6 | (126,767) | (21) | ||||||||||||||||||||||||||
Total commercial real estate | 10,981,490 | 27.9 | 10,325,707 | 27.0 | 655,783 | 6 | ||||||||||||||||||||||||||
Consumer mortgages | 5,069,039 | 12.9 | 5,513,491 | 14.4 | (444,452) | (8) | ||||||||||||||||||||||||||
Home equity lines | 1,281,989 | 3.3 | 1,537,726 | 4.0 | (255,737) | (17) | ||||||||||||||||||||||||||
Credit cards | 299,556 | 0.8 | 281,018 | 0.7 | 18,538 | 7 | ||||||||||||||||||||||||||
Other consumer loans | 2,118,723 | 5.4 | 1,074,874 | 2.9 | 1,043,849 | 97 | ||||||||||||||||||||||||||
Total consumer | 8,769,307 | 22.4 | 8,407,109 | 22.0 | 362,198 | 4 | ||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,311,958 | 100.0 | % | $ | 38,252,984 | 100.0 | % | $ | 1,058,974 | 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 | % | |||||
Table 7 - PPP Loans | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Applications | Loan Balances | ||||||||||||||||||||||||||||||||||
(in millions, except count data ) | Approximate Count | Balance | Fundings | 2021 Forgiveness | Total Life-to-Date Forgiveness | End of Period, Net of Unearned Fees and Costs(1) | |||||||||||||||||||||||||||||
Phase 1- 2020 Originations | 19,000 | $ | 2,958 | $ | 2,886 | $ | 2,184 | $ | 2,724 | $ | 47 | ||||||||||||||||||||||||
Phase 2- 2021 Originations | 11,000 | 1,135 | 1,047 | 681 | 681 | 353 | |||||||||||||||||||||||||||||
Total | 30,000 | $ | 4,093 | $ | 3,933 | $ | 2,865 | $ | 3,405 | $ | 400 | ||||||||||||||||||||||||
(dollars in millions) | Total Net Fees | Percent of Fundings | 2021 Recognized Net Fees | Total Recognized Net Fees | Total Unrecognized or Remaining Net Fees | Contractual Maturity | |||||||||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 94.9 | 3.3 | % | $ | 48.6 | $ | 94.6 | $ | 0.3 | 2 years | ||||||||||||||||||||||||
Phase 2- 2021 Originations | 43.6 | 4.2 | 30.6 | 30.6 | 13.0 | 5 years | |||||||||||||||||||||||||||||
Total | $ | 138.5 | 3.5 | % | $ | 79.2 | $ | 125.2 | $ | 13.3 | |||||||||||||||||||||||||
Table 8 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(dollars in thousands) | NAICS Code | Amount | %(1) | Amount | %(1) | ||||||||||||||||||||||||
Health care and social assistance | 62 | $ | 4,220,579 | 21.6 | % | $ | 3,878,450 | 19.9 | % | ||||||||||||||||||||
Finance and insurance | 52 | 2,520,480 | 12.9 | 1,680,094 | 8.6 | ||||||||||||||||||||||||
Manufacturing | 31-33 | 1,314,212 | 6.7 | 1,243,290 | 6.4 | ||||||||||||||||||||||||
Accommodation and food services | 72 | 1,231,801 | 6.3 | 1,213,524 | 6.2 | ||||||||||||||||||||||||
Retail trade | 44-45 | 1,229,076 | 6.3 | 1,279,813 | 6.6 | ||||||||||||||||||||||||
Wholesale trade | 42 | 1,146,505 | 5.9 | 1,236,137 | 6.3 | ||||||||||||||||||||||||
Real estate and rental and leasing | 5311 | 1,061,921 | 5.4 | 1,134,023 | 5.8 | ||||||||||||||||||||||||
Construction | 23 | 1,023,540 | 5.2 | 1,065,633 | 5.5 | ||||||||||||||||||||||||
Other services | 81 | 1,004,448 | 5.1 | 1,144,023 | 5.9 | ||||||||||||||||||||||||
Professional, scientific, and technical services | 54 | 928,436 | 4.7 | 1,144,939 | 5.9 | ||||||||||||||||||||||||
Transportation and warehousing | 48-49 | 852,969 | 4.4 | 843,294 | 4.3 | ||||||||||||||||||||||||
Real estate other | 53 | 752,997 | 3.8 | 723,241 | 3.7 | ||||||||||||||||||||||||
Arts, entertainment and recreation | 71 | 534,597 | 2.7 | 779,282 | 4.0 | ||||||||||||||||||||||||
Educational services | 61 | 427,456 | 2.2 | 398,949 | 2.0 | ||||||||||||||||||||||||
Public administration | 92 | 407,451 | 2.1 | 432,519 | 2.2 | ||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 11 | 285,372 | 1.5 | 385,337 | 2.0 | ||||||||||||||||||||||||
Administration, support, waste management, and remediation | 56 | 246,638 | 1.3 | 352,812 | 1.8 | ||||||||||||||||||||||||
Information | 51 | 189,306 | 1.0 | 288,321 | 1.5 | ||||||||||||||||||||||||
Other industries | (2) | 183,377 | 0.9 | 296,487 | 1.4 | ||||||||||||||||||||||||
Total C&I loans | $ | 19,561,161 | 100.0 | % | $ | 19,520,168 | 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 9 - Investment Properties Loan Portfolio | Table 9 - Investment Properties Loan Portfolio | |||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | (dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||
Office buildings | $ | 2,255,308 | 24.9 | % | $ | 1,451,048 | 26.1 | % | Office buildings | $ | 2,511,058 | 25.4 | % | $ | 2,207,744 | 24.2 | % | |||||||||||||||||||
Multi-family | 2,023,769 | 22.4 | 1,208,033 | 21.7 | Multi-family | 2,129,424 | 21.6 | 2,190,534 | 24.1 | |||||||||||||||||||||||||||
Shopping centers | 1,762,598 | 19.5 | 808,540 | 14.5 | Shopping centers | 1,655,465 | 16.8 | 1,644,519 | 18.1 | |||||||||||||||||||||||||||
Hotels | 1,284,291 | 14.2 | 704,319 | 12.7 | Hotels | 1,537,060 | 15.6 | 1,442,242 | 15.8 | |||||||||||||||||||||||||||
Warehouses | 713,602 | 7.9 | 627,353 | 11.3 | Warehouses | 801,639 | 8.1 | 700,050 | 7.7 | |||||||||||||||||||||||||||
Other investment property | 1,003,111 | 11.1 | 761,658 | 13.7 | Other investment property | 1,234,509 | 12.5 | 918,290 | 10.1 | |||||||||||||||||||||||||||
Total investment properties loans | $ | 9,042,679 | 100.0 | % | $ | 5,560,951 | 100.0 | % | Total investment properties loans | $ | 9,869,155 | 100.0 | % | $ | 9,103,379 | 100.0 | % | |||||||||||||||||||
Table 10 - Loan Maturities and Interest Rate Sensitivity | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | One Year Or Less | Over One Year Through Five Years | Over Five Years Through Fifteen Years | Over Fifteen Years | Total | ||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 1,723,646 | $ | 6,537,749 | $ | 3,350,674 | $ | 440,406 | $ | 12,052,475 | |||||||||||||||||||
Owner-occupied | 1,245,442 | 3,913,702 | 2,345,824 | 3,718 | 7,508,686 | ||||||||||||||||||||||||
Total commercial and industrial | 2,969,088 | 10,451,451 | 5,696,498 | 444,124 | 19,561,161 | ||||||||||||||||||||||||
Investment properties | 1,592,382 | 6,640,083 | 1,630,114 | 6,576 | 9,869,155 | ||||||||||||||||||||||||
1-4 family properties | 226,863 | 328,079 | 89,251 | 1,276 | 645,469 | ||||||||||||||||||||||||
Land and development | 226,481 | 215,699 | 24,686 | — | 466,866 | ||||||||||||||||||||||||
Total commercial real estate | 2,045,726 | 7,183,861 | 1,744,051 | 7,852 | 10,981,490 | ||||||||||||||||||||||||
Consumer mortgages | 174,480 | 42,917 | 508,766 | 4,342,876 | 5,069,039 | ||||||||||||||||||||||||
Home equity lines | 51,088 | 219,947 | 205,094 | 805,860 | 1,281,989 | ||||||||||||||||||||||||
Credit cards | 299,556 | — | — | — | 299,556 | ||||||||||||||||||||||||
Other consumer loans | 97,394 | 732,839 | 1,157,028 | 131,462 | 2,118,723 | ||||||||||||||||||||||||
Total consumer | 622,518 | 995,703 | 1,870,888 | 5,280,198 | 8,769,307 | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 5,637,332 | $ | 18,631,015 | $ | 9,311,437 | $ | 5,732,174 | $ | 39,311,958 | |||||||||||||||||||
Loans due after one year: | Fixed Interest Rate | Floating or Adjustable Interest Rate | Total | ||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,596,116 | $ | 7,732,713 | $ | 10,328,829 | |||||||||||||||||||||||
Owner-occupied | 3,141,817 | 3,121,427 | 6,263,244 | ||||||||||||||||||||||||||
Total commercial and industrial | 5,737,933 | 10,854,140 | 16,592,073 | ||||||||||||||||||||||||||
Investment properties | 2,354,041 | 5,922,732 | 8,276,773 | ||||||||||||||||||||||||||
1-4 family properties | 323,151 | 95,455 | 418,606 | ||||||||||||||||||||||||||
Land and development | 98,901 | 141,484 | 240,385 | ||||||||||||||||||||||||||
Total commercial real estate | 2,776,093 | 6,159,671 | 8,935,764 | ||||||||||||||||||||||||||
Consumer mortgages | 4,101,991 | 792,568 | 4,894,559 | ||||||||||||||||||||||||||
Home equity lines | 71,118 | 1,159,783 | 1,230,901 | ||||||||||||||||||||||||||
Other consumer loans | 1,552,357 | 468,972 | 2,021,329 | ||||||||||||||||||||||||||
Total consumer | 5,725,466 | 2,421,323 | 8,146,789 | ||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 14,239,492 | $ | 19,435,134 | $ | 33,674,626 | |||||||||||||||||||||||
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 11 - Composition of Period-end Deposits | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 15,242,839 | 30.9 | % | $ | 12,382,708 | 26.5 | % | |||||||||||||||
Interest-bearing demand deposits(2) | 6,346,959 | 12.9 | 5,674,416 | 12.2 | |||||||||||||||||||
Money market accounts(2) | 14,886,424 | 30.1 | 13,541,236 | 29.0 | |||||||||||||||||||
Savings deposits(2) | 1,404,428 | 2.8 | 1,156,249 | 2.5 | |||||||||||||||||||
Public funds | 6,284,553 | 12.7 | 6,760,628 | 14.5 | |||||||||||||||||||
Time deposits(2) | 2,427,073 | 4.9 | 3,605,928 | 7.7 | |||||||||||||||||||
Brokered deposits | 2,835,000 | 5.7 | 3,570,406 | 7.6 | |||||||||||||||||||
Total deposits | $ | 49,427,276 | 100.0 | % | $ | 46,691,571 | 100.0 | % | |||||||||||||||
Core deposits(3) | $ | 46,592,276 | 94.3 | % | $ | 43,121,165 | 92.4 | % | |||||||||||||||
Core transaction deposits(4) | $ | 37,880,650 | 76.6 | % | $ | 32,754,609 | 70.2 | % | |||||||||||||||
Brokered time deposits | $ | 1,024,448 | 2.1 | % | $ | 1,590,096 | 3.4 | % | |||||||||||||||
Public funds time deposits | $ | 665,954 | 1.3 | % | $ | 752,172 | 1.6 | % | |||||||||||||||
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 12 - Maturity Distribution of Uninsured Time Deposits | |||||
(in thousands) | December 31, 2021 | ||||
3 months or less | $ | 139,744 | |||
Over 3 months through 6 months | 115,342 | ||||
Over 6 months through 12 months | 744,921 | ||||
Over 12 months | 146,693 | ||||
Total outstanding | $ | 1,146,700 | |||
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 | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||
Table 13 - Net Interest Income | Table 13 - Net Interest Income | Years Ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2019 | 2018 | 2017 | (in thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||
Interest income | $ | 2,050,638 | $ | 1,344,305 | $ | 1,162,497 | Interest income | $ | 1,653,343 | $ | 1,804,495 | $ | 2,050,638 | ||||||||||||||||
Taxable-equivalent adjustment | 3,025 | 553 | 1,124 | Taxable-equivalent adjustment | 3,185 | 3,424 | 3,025 | ||||||||||||||||||||||
Interest income, taxable-equivalent | 2,053,663 | 1,344,858 | 1,163,621 | Interest income, taxable-equivalent | 1,656,528 | 1,807,919 | 2,053,663 | ||||||||||||||||||||||
Interest expense | 454,835 | 195,892 | 139,188 | Interest expense | 120,396 | 291,747 | 454,835 | ||||||||||||||||||||||
Net interest income, taxable-equivalent | $ | 1,598,828 | $ | 1,148,966 | $ | 1,024,433 | Net interest income, taxable-equivalent | $ | 1,536,132 | $ | 1,516,172 | $ | 1,598,828 | ||||||||||||||||
Table 14 - Average Balances, Interest, and Yields/Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable loans, net(1)(2) | $ | 37,644,066 | $ | 1,470,587 | 3.91 | % | $ | 38,597,852 | $ | 1,587,606 | 4.11 | % | $ | 35,599,889 | $ | 1,806,060 | 5.07 | % | |||||||||||||||||||||||||||||||||||
Tax-exempt loans, net(1)(2)(3) | 506,779 | 15,165 | 2.99 | 497,467 | 16,274 | 3.27 | 355,675 | 14,208 | 3.99 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 537,324 | — | — | 513,743 | — | — | 259,833 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 37,613,521 | 1,485,752 | 3.95 | 38,581,576 | 1,603,880 | 4.16 | 35,695,731 | 1,820,268 | 5.10 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale(3) | 9,603,343 | 140,077 | 1.46 | 7,006,894 | 178,582 | 2.55 | 6,755,496 | 208,867 | 3.09 | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets | 5,613 | 87 | 1.55 | 6,593 | 121 | 1.84 | 5,119 | 138 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits with banks | 23,235 | 82 | 0.35 | 21,081 | 197 | 0.94 | 21,586 | 491 | 2.27 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,885,418 | 3,777 | 0.13 | 1,442,609 | 2,839 | 0.19 | 472,814 | 10,384 | 2.17 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 93,457 | 53 | 0.06 | 124,460 | 149 | 0.12 | 59,734 | 1,342 | 2.25 | ||||||||||||||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 159,176 | 2,891 | 1.82 | 223,606 | 7,073 | 3.16 | 245,196 | 8,918 | 3.64 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 203,840 | 5,935 | 2.91 | 215,788 | 6,412 | 2.97 | 80,997 | 3,233 | 3.99 | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 580,162 | 17,874 | 3.04 | 265,764 | 8,666 | 3.21 | 517 | 22 | 4.11 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 51,167,765 | $ | 1,656,528 | 3.24 | % | 47,888,371 | $ | 1,807,919 | 3.78 | % | 43,337,190 | $ | 2,053,663 | 4.74 | % | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 561,170 | 531,963 | 510,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 445,333 | 481,371 | 487,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 1,522 | 9,740 | 14,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,058,966 | 1,003,560 | 767,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 2,133,725 | 2,223,033 | 1,675,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 55,368,481 | $ | 52,138,038 | $ | 46,791,930 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,701,078 | $ | 9,844 | 0.11 | % | $ | 7,510,429 | $ | 19,034 | 0.25 | % | $ | 6,311,829 | $ | 42,254 | 0.67 | % | |||||||||||||||||||||||||||||||||||
Money market accounts | 17,496,230 | 31,391 | 0.18 | 14,690,298 | 72,312 | 0.49 | 11,198,199 | 145,048 | 1.30 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,335,269 | 229 | 0.02 | 1,056,777 | 247 | 0.02 | 905,338 | 487 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 4,770,002 | 33,455 | 0.70 | 7,853,325 | 126,184 | 1.61 | 10,054,459 | 169,160 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 210,949 | 128 | 0.06 | 192,967 | 274 | 0.14 | 236,601 | 522 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | — | — | 492,697 | 7,643 | 1.53 | 1,123,613 | 25,663 | 2.25 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 1,203,282 | 45,349 | 3.77 | 2,322,717 | 66,053 | 2.83 | 2,135,614 | 71,701 | 3.31 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 33,716,810 | $ | 120,396 | 0.35 | 34,119,210 | $ | 291,747 | 0.84 | 31,965,653 | $ | 454,835 | 1.41 | |||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 15,304,120 | 11,925,114 | 9,359,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,135,573 | 1,021,633 | 714,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,211,978 | 5,072,081 | 4,751,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 55,368,481 | $ | 52,138,038 | $ | 46,791,930 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, taxable-equivalent net interest margin | $ | 1,536,132 | 3.01 | % | $ | 1,516,172 | 3.18 | % | $ | 1,598,828 | 3.70 | % | |||||||||||||||||||||||||||||||||||||||||
Less: taxable-equivalent adjustment | 3,185 | 3,424 | 3,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | $ | 1,595,803 | |||||||||||||||||||||||||||||||||||||||||||||||
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 15 - Rate/Volume Analysis | 2021 Compared to 2020 Change Due to(1) | 2020 Compared to 2019 Change Due to(1) | |||||||||||||||||||||||||||||||||
(in thousands) | Volume/Mix | Yield/Rate | Net Change | Volume/Mix | Yield/Rate | Net Change | |||||||||||||||||||||||||||||
Interest earned on: | |||||||||||||||||||||||||||||||||||
Taxable loans, net | $ | (39,201) | $ | (77,818) | $ | (117,019) | $ | 151,997 | $ | (370,451) | $ | (218,454) | |||||||||||||||||||||||
Tax-exempt loans, net(2) | 305 | (1,414) | (1,109) | 5,658 | (3,592) | 2,066 | |||||||||||||||||||||||||||||
Investment securities(2) | 66,209 | (104,714) | (38,505) | 7,768 | (38,053) | (30,285) | |||||||||||||||||||||||||||||
Trading account assets | (18) | (16) | (34) | 40 | (57) | (17) | |||||||||||||||||||||||||||||
Interest earning deposits with banks | 20 | (135) | (115) | (11) | (283) | (294) | |||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,741 | (1,803) | 938 | 21,045 | (28,590) | (7,545) | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | (34) | (62) | (96) | 1,457 | (2,650) | (1,193) | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | (2,036) | (2,146) | (4,182) | (786) | (1,059) | (1,845) | |||||||||||||||||||||||||||||
Mortgage loans held for sale | (355) | (122) | (477) | 5,378 | (2,199) | 3,179 | |||||||||||||||||||||||||||||
Other loans held for sale | 10,092 | (884) | 9,208 | 10,902 | (2,258) | 8,644 | |||||||||||||||||||||||||||||
Total interest income | 37,723 | (189,114) | (151,391) | 203,448 | (449,192) | (245,744) | |||||||||||||||||||||||||||||
Interest paid on: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 2,977 | (12,167) | (9,190) | 8,031 | (31,251) | (23,220) | |||||||||||||||||||||||||||||
Money market accounts | 13,749 | (54,670) | (40,921) | 45,397 | (118,133) | (72,736) | |||||||||||||||||||||||||||||
Savings deposits | 56 | (74) | (18) | 76 | (316) | (240) | |||||||||||||||||||||||||||||
Time deposits | (49,642) | (43,087) | (92,729) | (36,979) | (5,997) | (42,976) | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 25 | (171) | (146) | (96) | (152) | (248) | |||||||||||||||||||||||||||||
Other short-term borrowings | (7,538) | (105) | (7,643) | (14,196) | (3,824) | (18,020) | |||||||||||||||||||||||||||||
Long-term debt | (31,680) | 10,976 | (20,704) | 6,193 | (11,841) | (5,648) | |||||||||||||||||||||||||||||
Total interest expense | (72,053) | (99,298) | (171,351) | 8,426 | (171,514) | (163,088) | |||||||||||||||||||||||||||||
Net interest income, taxable-equivalent | $ | 109,776 | $ | (89,816) | $ | 19,960 | $ | 195,022 | $ | (277,678) | $ | (82,656) | |||||||||||||||||||||||
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 16 - Non-interest Revenue | |||||||||||||||||||||||||||||
Years Ended December 31, | December 31, 2021 vs December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||
Service charges on deposit accounts | $ | 86,310 | $ | 73,132 | $ | 88,190 | $ | 13,178 | 18 | % | |||||||||||||||||||
Fiduciary and asset management fees | 77,147 | 63,251 | 58,388 | 13,896 | 22 | ||||||||||||||||||||||||
Card fees | 51,399 | 42,702 | 45,659 | 8,697 | 20 | ||||||||||||||||||||||||
Brokerage revenue | 56,439 | 44,781 | 41,608 | 11,658 | 26 | ||||||||||||||||||||||||
Mortgage banking income | 54,371 | 91,413 | 32,599 | (37,042) | (41) | ||||||||||||||||||||||||
Capital markets income | 26,118 | 27,336 | 30,529 | (1,218) | (4) | ||||||||||||||||||||||||
Income from bank-owned life insurance | 38,019 | 31,297 | 21,226 | 6,722 | 21 | ||||||||||||||||||||||||
Investment securities gains (losses), net | (799) | 78,931 | (7,659) | (79,730) | nm | ||||||||||||||||||||||||
Other non-interest revenue | 61,062 | 53,670 | 45,360 | 7,392 | 14 | ||||||||||||||||||||||||
Total non-interest revenue | $ | 450,066 | $ | 506,513 | $ | 355,900 | $ | (56,447) | (11) | % | |||||||||||||||||||
Core banking fees (1) | $ | 165,481 | $ | 138,359 | $ | 154,621 | $ | 27,122 | 20 | % | |||||||||||||||||||
Table 17 - Non-interest Income | ||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
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 | ) | ||||||
Gain on sale and increase (decrease) in fair value of private equity investments | 11,607 | (4,743 | ) | (3,093 | ) | |||||||
Other non-interest income | 33,753 | 32,574 | 31,273 | |||||||||
Total non-interest income | $ | 355,900 | $ | 280,093 | $ | 345,327 | ||||||
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 17 - Non-interest Expense | |||||||||||||||||||||||||||||
Years Ended December 31, | December 31, 2021 vs December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||
Salaries and other personnel expense | $ | 649,426 | $ | 618,214 | $ | 570,036 | $ | 31,212 | 5 | % | |||||||||||||||||||
Net occupancy, equipment, and software expense | 169,222 | 169,658 | 161,906 | (436) | — | ||||||||||||||||||||||||
Third-party processing and other services | 86,688 | 87,992 | 79,225 | (1,304) | (1) | ||||||||||||||||||||||||
Professional fees | 32,785 | 56,899 | 35,300 | (24,114) | (42) | ||||||||||||||||||||||||
FDIC insurance and other regulatory fees | 22,355 | 25,210 | 31,696 | (2,855) | (11) | ||||||||||||||||||||||||
Amortization of intangibles | 9,516 | 10,560 | 11,603 | (1,044) | (10) | ||||||||||||||||||||||||
Goodwill impairment | — | 44,877 | — | (44,877) | nm | ||||||||||||||||||||||||
Restructuring charges | 7,223 | 26,991 | 1,230 | (19,768) | nm | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | 10,466 | 4,592 | (10,466) | nm | ||||||||||||||||||||||||
Earnout liability adjustments | 507 | 4,908 | 10,457 | (4,401) | nm | ||||||||||||||||||||||||
Merger-related expense | — | — | 56,580 | — | nm | ||||||||||||||||||||||||
Other operating expense | 122,182 | 123,799 | 136,343 | (1,617) | (1) | ||||||||||||||||||||||||
Total non-interest expense | $ | 1,099,904 | $ | 1,179,574 | $ | 1,098,968 | $ | (79,670) | (7) | % | |||||||||||||||||||
Table 19 - Selected Credit Quality Metrics | ||||||||||||||||||||||||||||||||||||
Table 18 - Selected Credit Quality Metrics | Table 18 - Selected Credit Quality Metrics | |||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | (dollars in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Non-performing loans(1) | $ | 101,636 | $ | 106,733 | $ | 115,561 | $ | 153,378 | $ | 168,370 | ||||||||||||||||||||||||||
Non-performing loans | Non-performing loans | $ | 131,042 | $ | 151,079 | $ | 101,636 | |||||||||||||||||||||||||||||
Impaired loans held for sale | — | 1,506 | 11,278 | — | — | Impaired loans held for sale | — | 23,590 | — | |||||||||||||||||||||||||||
ORE and other assets | 35,810 | 6,220 | 3,758 | 22,308 | 47,030 | ORE and other assets | 27,137 | 17,394 | 35,810 | |||||||||||||||||||||||||||
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 | $ | 158,179 | $ | 192,063 | $ | 137,446 | |||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | Loans 90 days past due and still accruing | $ | 6,770 | $ | 4,117 | $ | 15,943 | |||||||||||||||||||||||||||||
As a % of loans | 0.04 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | As a % of loans | 0.02 | % | 0.01 | % | 0.04 | % | |||||||||||||||||||
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 | $ | 57,565 | $ | 47,349 | $ | 123,793 | |||||||||||||||||||||||||||||
As a % of loans | 0.33 | % | 0.22 | % | 0.21 | % | 0.27 | % | 0.21 | % | As a % of loans | 0.15 | % | 0.12 | % | 0.33 | % | |||||||||||||||||||
Accruing TDRs | $ | 133,145 | $ | 115,588 | $ | 151,271 | $ | 195,776 | $ | 223,873 | ||||||||||||||||||||||||||
Accruing TDRs(1) | Accruing TDRs(1) | $ | 119,804 | $ | 134,972 | $ | 133,145 | |||||||||||||||||||||||||||||
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 | 0.33 | % | 0.39 | % | 0.27 | % | |||||||||||||||||||
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 | 0.40 | 0.50 | 0.37 | |||||||||||||||||||||||||||
Total loans | Total loans | $ | 39,311,958 | $ | 38,252,984 | $ | 37,162,450 | |||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 77,788 | 94,712 | 57,612 | ||||||||||||||||||||||||||||||||
Net charge-offs/average loans | Net charge-offs/average loans | 0.20 | % | 0.24 | % | 0.16 | % | |||||||||||||||||||||||||||||
Provision for (reversal of) loan losses | Provision for (reversal of) loan losses | $ | (100,351) | $ | 336,052 | $ | 87,720 | |||||||||||||||||||||||||||||
Provision for (reversal of) unfunded commitments | Provision for (reversal of) unfunded commitments | (5,900) | 18,970 | (2) | ||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | $ | (106,251) | $ | 355,022 | $ | 87,720 | |||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | $ | 427,597 | $ | 605,736 | $ | 281,402 | |||||||||||||||||||||||||||||
Reserve for unfunded commitments | Reserve for unfunded commitments | 41,885 | 47,785 | 1,375 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | $ | 469,482 | $ | 653,521 | $ | 282,777 | |||||||||||||||||||||||||||||
ACL to loans coverage ratio | ACL to loans coverage ratio | 1.19 | % | 1.71 | % | 0.76 | % | |||||||||||||||||||||||||||||
ALL to loans coverage ratio | ALL to loans coverage ratio | 1.09 | 1.58 | 0.76 | ||||||||||||||||||||||||||||||||
ACL/NPLs | ACL/NPLs | 358.27 | 432.57 | 278.23 | ||||||||||||||||||||||||||||||||
ALL/NPLs | ALL/NPLs | 326.31 | 400.94 | 276.87 | ||||||||||||||||||||||||||||||||
Table 19 - NPAs by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | NPLs | ORE and Other Assets | Total NPAs | NPLs | ORE and Other Assets | Impaired Loans Held for Sale | Total NPAs | ||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 61,787 | $ | — | $ | 61,787 | $ | 77,386 | $ | 44 | $ | — | $ | 77,430 | |||||||||||||||||||||||||||
Owner-occupied | 11,196 | 11,393 | 22,589 | 20,019 | 739 | — | 20,758 | ||||||||||||||||||||||||||||||||||
Total commercial and industrial | 72,983 | 11,393 | 84,376 | 97,405 | 783 | — | 98,188 | ||||||||||||||||||||||||||||||||||
Investment properties | 5,850 | 223 | 6,073 | 24,631 | 251 | 23,590 | 48,472 | ||||||||||||||||||||||||||||||||||
1-4 family properties | 4,563 | — | 4,563 | 3,619 | — | — | 3,619 | ||||||||||||||||||||||||||||||||||
Land and development | 1,918 | 177 | 2,095 | 2,163 | 785 | — | 2,948 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 12,331 | 400 | 12,731 | 30,413 | 1,036 | 23,590 | 55,039 | ||||||||||||||||||||||||||||||||||
Consumer mortgages | 29,078 | 25 | 29,103 | 8,740 | — | — | 8,740 | ||||||||||||||||||||||||||||||||||
Home equity lines | 9,760 | — | 9,760 | 12,145 | — | — | 12,145 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6,890 | — | 6,890 | 2,376 | — | — | 2,376 | ||||||||||||||||||||||||||||||||||
Total consumer | 45,728 | 25 | 45,753 | 23,261 | — | — | 23,261 | ||||||||||||||||||||||||||||||||||
Other assets | — | 15,319 | 15,319 | — | 15,575 | — | 15,575 | ||||||||||||||||||||||||||||||||||
Total | $ | 131,042 | $ | 27,137 | $ | 158,179 | $ | 151,079 | $ | 17,394 | $ | 23,590 | $ | 192,063 | |||||||||||||||||||||||||||
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 20 - Accruing TDRs by Risk Grade | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||
Pass | $ | 56,479 | 47.1 | % | $ | 72,463 | 53.7 | % | |||||||||||||||
Special mention | 11,387 | 9.5 | 8,935 | 6.6 | |||||||||||||||||||
Substandard | 51,938 | 43.4 | 53,574 | 39.7 | |||||||||||||||||||
Total accruing TDRs | $ | 119,804 | 100.0 | % | $ | 134,972 | 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 21 - TDRs by Portfolio Class | |||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Commercial, financial and agricultural | $ | 43,597 | $ | 46,792 | |||||||
Owner-occupied | 34,493 | 44,185 | |||||||||
Total commercial and industrial | 78,090 | 90,977 | |||||||||
Investment properties | 17,900 | 38,212 | |||||||||
1-4 family properties | 3,687 | 4,184 | |||||||||
Land and development | 5,567 | 4,852 | |||||||||
Total commercial real estate | 27,154 | 47,248 | |||||||||
Consumer mortgages | 16,117 | 19,757 | |||||||||
Home equity lines | 11,659 | 8,386 | |||||||||
Other consumer loans | 9,090 | 7,639 | |||||||||
Total consumer | 36,866 | 35,782 | |||||||||
Total TDRs | $ | 142,110 | $ | 174,007 | |||||||
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 22 - Criticized and Classified Loans | December 31, | ||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Special mention loans | $ | 489,150 | $ | 977,028 | |||||||
Substandard loans | 526,117 | 553,720 | |||||||||
Doubtful loans | 10,630 | 33,204 | |||||||||
Loss loans | 2,058 | 3,032 | |||||||||
Criticized and Classified loans | $ | 1,027,955 | $ | 1,566,984 | |||||||
As a % of total loans | 2.6 | % | 4.1 | % | |||||||
Table 23 - Net Charge-offs | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Commercial and industrial | $ | 49,723 | 0.26 | % | $ | 62,716 | 0.33 | % | |||||||||||||||
Commercial real estate | 7,948 | 0.08 | 10,356 | 0.10 | |||||||||||||||||||
Consumer | 20,117 | 0.23 | 21,640 | 0.23 | |||||||||||||||||||
Total net charge-offs | $ | 77,788 | 0.20 | % | $ | 94,712 | 0.24 | % | |||||||||||||||
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 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 24 - Allocation of Allowance for Loan Losses | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Commercial and industrial | $ | 188,364 | 49.7 | % | $ | 229,555 | 51.0 | % | |||||||||||||||
Commercial real estate | 97,760 | 27.9 | 130,742 | 27.0 | |||||||||||||||||||
Consumer | 141,473 | 22.4 | 245,439 | 22.0 | |||||||||||||||||||
Total allowance for loan losses | $ | 427,597 | 100.0 | % | $ | 605,736 | 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 25 - Capital Ratios | |||||||||||
(dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
CET1 capital | |||||||||||
Synovus Financial Corp. | $ | 4,388,618 | $ | 4,034,865 | |||||||
Synovus Bank | 4,998,698 | 4,641,711 | |||||||||
Tier 1 risk-based capital | |||||||||||
Synovus Financial Corp. | 4,925,763 | 4,572,010 | |||||||||
Synovus Bank | 4,998,698 | 4,641,711 | |||||||||
Total risk-based capital | |||||||||||
Synovus Financial Corp. | 5,827,196 | 5,604,230 | |||||||||
Synovus Bank | 5,587,757 | 5,361,611 | |||||||||
CET1 capital ratio | |||||||||||
Synovus Financial Corp. | 9.50 | % | 9.66 | % | |||||||
Synovus Bank | 10.83 | 11.11 | |||||||||
Tier 1 risk-based capital ratio | |||||||||||
Synovus Financial Corp. | 10.66 | 10.95 | |||||||||
Synovus Bank | 10.83 | 11.11 | |||||||||
Total risk-based capital to risk-weighted assets ratio | |||||||||||
Synovus Financial Corp. | 12.61 | 13.42 | |||||||||
Synovus Bank | 12.11 | 12.83 | |||||||||
Leverage ratio | |||||||||||
Synovus Financial Corp. | 8.72 | 8.50 | |||||||||
Synovus Bank | 8.86 | 8.73 | |||||||||
Tangible common equity to tangible assets ratio(1) | |||||||||||
Synovus Financial Corp. | 7.52 | 7.66 | |||||||||
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 26 - Contractual Cash Obligations | |||||||||||||||||
Payments Due After December 31, 2021 | |||||||||||||||||
(in thousands) | 1 Year or Less | After 1 Year | Total | ||||||||||||||
Long-term debt obligations | $ | 344,433 | $ | 1,096,148 | $ | 1,440,581 | |||||||||||
Lease obligations | 32,492 | 548,955 | 581,447 | ||||||||||||||
Purchase commitments(1) | 81,167 | 192,850 | 274,017 | ||||||||||||||
Commitments to fund tax credits, CRA partnerships, and other investments(2) | 182,989 | 67,744 | 250,733 | ||||||||||||||
Total contractual cash obligations | $ | 641,081 | $ | 1,905,697 | $ | 2,546,778 | |||||||||||
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 | |||||||||
(2) |
Commitments to fund investments in |
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 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 27 - Reconciliation of Non-GAAP Financial Measures | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Adjusted non-interest revenue | |||||||||||
Total non-interest revenue | $ | 450,066 | $ | 506,513 | |||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted non-interest revenue | $ | 448,049 | $ | 420,497 | |||||||
Adjusted non-interest expense | |||||||||||
Total non-interest expense | $ | 1,099,904 | $ | 1,179,574 | |||||||
Subtract: Earnout liability adjustments | (507) | (4,908) | |||||||||
Subtract: Goodwill impairment | — | (44,877) | |||||||||
Subtract: Restructuring charges | (7,223) | (26,991) | |||||||||
Subtract: Valuation adjustment to Visa derivative | (2,656) | (890) | |||||||||
Subtract: Loss on early extinguishment of debt | — | (10,466) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted non-interest expense | $ | 1,086,702 | $ | 1,089,132 | |||||||
Adjusted total revenue and adjusted tangible efficiency ratio | |||||||||||
Adjusted non-interest expense | $ | 1,086,702 | $ | 1,089,132 | |||||||
Subtract: Amortization of intangibles | (9,516) | (10,560) | |||||||||
Adjusted tangible non-interest expense | $ | 1,077,186 | $ | 1,078,572 | |||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | |||||||
Add: Tax equivalent adjustment | 3,185 | 3,424 | |||||||||
Add: Total non-interest revenue | 450,066 | 506,513 | |||||||||
Total TE revenue | $ | 1,986,198 | $ | 2,022,685 | |||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted total revenue | $ | 1,984,181 | $ | 1,936,669 | |||||||
Efficiency ratio-TE | 55.38 | % | 58.32 | % | |||||||
Adjusted tangible efficiency ratio | 54.29 | 55.69 | |||||||||
Table 27 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||
Adjusted return on average assets | |||||||||||
Net income | $ | 760,467 | $ | 373,695 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income | $ | 768,950 | $ | 389,869 | |||||||
Total average assets | $ | 55,368,481 | $ | 52,138,038 | |||||||
Return on average assets | 1.37 | % | 0.72 | % | |||||||
Adjusted return on average assets | 1.39 | 0.75 | |||||||||
Adjusted net income per common share, diluted | |||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income available to common shareholders | $ | 735,787 | $ | 356,706 | |||||||
Weighted average common shares outstanding, diluted | 148,495 | 148,210 | |||||||||
Net income per common share, diluted | $ | 4.90 | $ | 2.30 | |||||||
Adjusted net income per common share, diluted | 4.95 | 2.41 | |||||||||
Table 27 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Adjusted return on average common equity and adjusted return on average tangible common equity | |||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income available to common shareholders | $ | 735,787 | $ | 356,706 | |||||||
Add: Amortization of intangibles | 7,108 | 7,825 | |||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles | $ | 742,895 | $ | 364,531 | |||||||
Total average shareholders' equity less preferred stock | $ | 4,674,833 | $ | 4,534,935 | |||||||
Subtract: Goodwill | (452,390) | (485,987) | |||||||||
Subtract: Other intangible assets, net | (40,307) | (50,427) | |||||||||
Total average tangible shareholders' equity less preferred stock | $ | 4,182,136 | $ | 3,998,521 | |||||||
Return on average common equity | 15.56 | % | 7.51 | % | |||||||
Adjusted return on average common equity | 15.74 | 7.87 | |||||||||
Adjusted return on average tangible common equity | 17.76 | 9.12 | |||||||||
December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Tangible common equity to tangible assets ratio | |||||||||||
Total assets | $ | 57,317,226 | $ | 54,394,159 | |||||||
Subtract: Goodwill | (452,390) | (452,390) | |||||||||
Subtract: Other intangible assets, net | (35,596) | (45,112) | |||||||||
Tangible assets | $ | 56,829,240 | $ | 53,896,657 | |||||||
Total shareholders’ equity | $ | 5,296,800 | $ | 5,161,334 | |||||||
Subtract: Goodwill | (452,390) | (452,390) | |||||||||
Subtract: Other intangible assets, net | (35,596) | (45,112) | |||||||||
Subtract: Preferred Stock, no par value | (537,145) | (537,145) | |||||||||
Tangible common equity | $ | 4,271,669 | $ | 4,126,687 | |||||||
Total shareholders’ equity to total assets ratio | 9.24 | % | 9.49 | % | |||||||
Tangible common equity to tangible assets ratio | 7.52 | 7.66 | |||||||||
Table 28 - Twelve Month Net Interest Income Sensitivity | ||||||||||||||
Change in Interest Rates (in bps) | Estimated Change in Net Interest Income As of December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
+200 | 14.5% | N/A | ||||||||||||
+100 | 6.5% | 7.2% | ||||||||||||
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) | 2021 | 2020 | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 432,925 | $ | 531,579 | ||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,479,006 | 3,586,565 | ||||||||||||
Interest earning deposits with banks | 25,535 | 20,944 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 72,387 | 113,829 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 3,009,853 | 4,252,917 | ||||||||||||
Investment securities available for sale, at fair value | 10,918,329 | 7,962,438 | ||||||||||||
Loans held for sale (includes $108,198 and $216,647, measured at fair value, respectively) | 750,642 | 760,123 | ||||||||||||
Loans, net of deferred fees and costs | 39,311,958 | 38,252,984 | ||||||||||||
Allowance for loan losses | (427,597) | (605,736) | ||||||||||||
Loans, net | 38,884,361 | 37,647,248 | ||||||||||||
Cash surrender value of bank-owned life insurance | 1,068,616 | 1,049,373 | ||||||||||||
Premises, equipment and software, net | 407,241 | 463,959 | ||||||||||||
Goodwill | 452,390 | 452,390 | ||||||||||||
Other intangible assets, net | 35,596 | 45,112 | ||||||||||||
Other assets | 1,790,198 | 1,760,599 | ||||||||||||
Total assets | $ | 57,317,226 | $ | 54,394,159 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing deposits | $ | 16,392,653 | $ | 13,477,854 | ||||||||||
Interest-bearing deposits | 33,034,623 | 33,213,717 | ||||||||||||
Total deposits | 49,427,276 | 46,691,571 | ||||||||||||
Securities sold under repurchase agreements | 264,133 | 227,922 | ||||||||||||
Long-term debt | 1,204,229 | 1,202,494 | ||||||||||||
Other liabilities | 1,124,788 | 1,110,838 | ||||||||||||
Total liabilities | 52,020,426 | 49,232,825 | ||||||||||||
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 169,383,758 and 168,132,522; outstanding 145,010,086 and 148,039,495 | 169,384 | 168,133 | ||||||||||||
Additional paid-in capital | 3,894,109 | 3,851,208 | ||||||||||||
Treasury stock, at cost; 24,373,672 and 20,093,027 shares | (931,497) | (731,806) | ||||||||||||
Accumulated other comprehensive income (loss), net | (82,321) | 158,635 | ||||||||||||
Retained earnings | 1,709,980 | 1,178,019 | ||||||||||||
Total shareholders’ equity | 5,296,800 | 5,161,334 | ||||||||||||
Total liabilities and shareholders' equity | $ | 57,317,226 | $ | 54,394,159 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans, including fees | $ | 1,482,567 | $ | 1,600,462 | $ | 1,817,285 | ||||||||||||||
Investment securities available for sale | 140,077 | 178,575 | 208,826 | |||||||||||||||||
Loans held for sale | 23,809 | 15,078 | 3,254 | |||||||||||||||||
Federal Reserve Bank balances | 3,777 | 2,839 | 10,384 | |||||||||||||||||
Other earning assets | 3,113 | 7,541 | 10,889 | |||||||||||||||||
Total interest income | 1,653,343 | 1,804,495 | 2,050,638 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 74,919 | 217,777 | 356,949 | |||||||||||||||||
Federal funds purchased, securities sold under repurchase agreements, and other liabilities | 128 | 7,917 | 26,185 | |||||||||||||||||
Long-term debt | 45,349 | 66,053 | 71,701 | |||||||||||||||||
Total interest expense | 120,396 | 291,747 | 454,835 | |||||||||||||||||
Net interest income | 1,532,947 | 1,512,748 | 1,595,803 | |||||||||||||||||
Provision for (reversal of) credit losses(1) | (106,251) | 355,022 | 87,720 | |||||||||||||||||
Net interest income after provision for credit losses | 1,639,198 | 1,157,726 | 1,508,083 | |||||||||||||||||
Non-interest revenue: | ||||||||||||||||||||
Service charges on deposit accounts | 86,310 | 73,132 | 88,190 | |||||||||||||||||
Fiduciary and asset management fees | 77,147 | 63,251 | 58,388 | |||||||||||||||||
Card fees | 51,399 | 42,702 | 45,659 | |||||||||||||||||
Brokerage revenue | 56,439 | 44,781 | 41,608 | |||||||||||||||||
Mortgage banking income | 54,371 | 91,413 | 32,599 | |||||||||||||||||
Capital markets income | 26,118 | 27,336 | 30,529 | |||||||||||||||||
Income from bank-owned life insurance | 38,019 | 31,297 | 21,226 | |||||||||||||||||
Investment securities gains (losses), net | (799) | 78,931 | (7,659) | |||||||||||||||||
Other non-interest revenue | 61,062 | 53,670 | 45,360 | |||||||||||||||||
Total non-interest revenue | 450,066 | 506,513 | 355,900 | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and other personnel expense | 649,426 | 618,214 | 570,036 | |||||||||||||||||
Net occupancy, equipment, and software expense | 169,222 | 169,658 | 161,906 | |||||||||||||||||
Third-party processing and other services | 86,688 | 87,992 | 79,225 | |||||||||||||||||
Professional fees | 32,785 | 56,899 | 35,300 | |||||||||||||||||
FDIC insurance and other regulatory fees | 22,355 | 25,210 | 31,696 | |||||||||||||||||
Goodwill impairment | — | 44,877 | — | |||||||||||||||||
Restructuring charges | 7,223 | 26,991 | 1,230 | |||||||||||||||||
Merger-related expense | — | — | 56,580 | |||||||||||||||||
Other operating expense | 132,205 | 149,733 | 162,995 | |||||||||||||||||
Total non-interest expense | 1,099,904 | 1,179,574 | 1,098,968 | |||||||||||||||||
Income before income taxes | 989,360 | 484,665 | 765,015 | |||||||||||||||||
Income tax expense | 228,893 | 110,970 | 201,235 | |||||||||||||||||
Net income | 760,467 | 373,695 | 563,780 | |||||||||||||||||
Less: Preferred stock dividends | 33,163 | 33,163 | 22,881 | |||||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | ||||||||||||||
Net income per common share, basic | $ | 4.95 | $ | 2.31 | $ | 3.50 | ||||||||||||||
Net income per common share, diluted | 4.90 | 2.30 | 3.47 | |||||||||||||||||
Weighted average common shares outstanding, basic | 147,041 | 147,415 | 154,331 | |||||||||||||||||
Weighted average common shares outstanding, diluted | 148,495 | 148,210 | 156,058 | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 989,360 | $ | (228,893) | $ | 760,467 | $ | 484,665 | $ | (110,970) | $ | 373,695 | $ | 765,015 | $ | (201,235) | $ | 563,780 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | (234,550) | 60,304 | (174,246) | 108,626 | (28,135) | 80,491 | 217,501 | (56,331) | 161,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | Reclassification adjustment for realized (gains) losses included in net income | 799 | (202) | 597 | (78,931) | 20,443 | (58,488) | 7,659 | (1,984) | 5,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | Net change | (233,751) | 60,102 | (173,649) | 29,695 | (7,692) | 22,003 | 225,160 | (58,315) | 166,845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | (77,948) | 20,243 | (57,705) | 99,193 | (25,691) | 73,502 | (8,570) | 2,220 | (6,350) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | — | — | — | — | — | — | 130 | (50 | ) | 80 | Reclassification adjustment for realized (gains) losses included in net income | (12,862) | 3,260 | (9,602) | (2,765) | 716 | (2,049) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (8,570 | ) | 2,220 | (6,350 | ) | — | — | — | 130 | (50 | ) | 80 | Net change | (90,810) | 23,503 | (67,307) | 96,428 | (24,975) | 71,453 | (8,570) | 2,220 | (6,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (70 | ) | 14 | (56 | ) | (132 | ) | 34 | (98 | ) | (110 | ) | 43 | (67 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial losses arising during the period | Actuarial losses arising during the period | — | — | — | — | — | — | (510) | 132 | (378) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains included in net income | Reclassification adjustment for realized gains included in net income | — | — | — | (618) | 156 | (462) | (70) | 14 | (56) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (580 | ) | 146 | (434 | ) | (178 | ) | 46 | (132 | ) | (49 | ) | 20 | (29 | ) | Net change | — | — | — | (618) | 156 | (462) | (580) | 146 | (434) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | $ | (324,561) | $ | 83,605 | $ | (240,956) | $ | 125,505 | $ | (32,511) | $ | 92,994 | $ | 216,010 | $ | (55,949) | $ | 160,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 723,841 | $ | 396,281 | $ | 276,379 | Comprehensive income | $ | 519,511 | $ | 466,689 | $ | 723,841 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
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 (loss), 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) | — | ||||||||||||||||||||||||||||||||||
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 (loss), 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 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 760,467 | 760,467 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (240,956) | — | (240,956) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.32 per share | — | — | — | — | — | (193,695) | (193,695) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (33,163) | (33,163) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (199,932) | — | — | (199,932) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | 4,955 | 125 | — | — | 5,080 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 355 | (6,254) | — | — | (1,645) | (7,544) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 896 | 18,214 | — | — | — | 19,110 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (113) | 116 | — | (3) | — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 26,099 | — | — | — | 26,099 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 537,145 | $ | 169,384 | $ | 3,894,109 | $ | (931,497) | $ | (82,321) | $ | 1,709,980 | $ | 5,296,800 | |||||||||||||||||||||||||||
(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) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 760,467 | $ | 373,695 | $ | 563,780 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for (reversal of) credit losses | (106,251) | 355,022 | 87,720 | ||||||||||||||
Depreciation, amortization, and accretion, net | 157,987 | 106,107 | 8,079 | ||||||||||||||
Deferred income tax expense (benefit) | 45,000 | (86,192) | 86,633 | ||||||||||||||
Originations of loans held for sale | (3,698,368) | (3,466,170) | (872,105) | ||||||||||||||
Proceeds from sales of loans held for sale | 3,749,502 | 2,936,398 | 816,223 | ||||||||||||||
Gain on sales of loans held for sale, net | (42,513) | (67,115) | (21,448) | ||||||||||||||
Increase in other assets | (78,728) | (411,632) | (127,636) | ||||||||||||||
Increase (decrease) in other liabilities | (21,674) | 281,866 | 43,066 | ||||||||||||||
Investment securities (gains) losses, net | 799 | (78,931) | 7,659 | ||||||||||||||
Share-based compensation expense | 27,795 | 18,641 | 24,487 | ||||||||||||||
Other | — | 55,343 | 4,592 | ||||||||||||||
Net cash provided by operating activities | 794,016 | 17,032 | 621,050 | ||||||||||||||
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 | 3,051,158 | 2,291,536 | 1,102,651 | ||||||||||||||
Proceeds from sales of investment securities available for sale | 565,400 | 2,649,686 | 2,923,787 | ||||||||||||||
Purchases of investment securities available for sale | (6,877,712) | (6,036,179) | (4,300,021) | ||||||||||||||
Proceeds from sales of loans | 111,168 | 1,426,954 | 74,123 | ||||||||||||||
Purchases of loans | (1,624,182) | (126,152) | (667,954) | ||||||||||||||
Net (increase) decrease in loans | 373,964 | (2,461,302) | (1,361,693) | ||||||||||||||
Net purchases of Federal Reserve Bank stock | (1,220) | (658) | (55,335) | ||||||||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (1,200) | 129,710 | (45,856) | ||||||||||||||
Net (purchases) proceeds from settlement of bank-owned life insurance policies | 19,045 | (242,300) | 16,637 | ||||||||||||||
Net increase in premises, equipment and software | (25,954) | (30,102) | (61,208) | ||||||||||||||
Other | 25,367 | 45,834 | 19,907 | ||||||||||||||
Net cash used in investing activities | (4,384,166) | (2,352,973) | (2,153,862) | ||||||||||||||
Financing Activities | |||||||||||||||||
Net increase in deposits | 2,735,705 | 8,284,519 | 797,612 | ||||||||||||||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 36,211 | 62,232 | (101,142) | ||||||||||||||
Net increase (decrease) in other short-term borrowings | — | (1,745,843) | 1,103,560 | ||||||||||||||
Repayments and redemption of long-term debt | — | (2,408,939) | (157,226) | ||||||||||||||
Proceeds from issuance of long-term debt, net | — | 1,445,492 | 497,045 | ||||||||||||||
Dividends paid to common shareholders | (194,677) | (189,967) | (167,923) | ||||||||||||||
Dividends paid to preferred shareholders | (33,163) | (33,163) | (17,741) | ||||||||||||||
Proceeds from issuance of preferred stock, net | — | — | 342,005 | ||||||||||||||
Issuances, net of taxes paid, under equity compensation plans | 11,566 | 5,407 | 7,321 | ||||||||||||||
Repurchase of common stock | (199,932) | (16,246) | (725,398) | ||||||||||||||
Other | (8,624) | (1,552) | (1,947) | ||||||||||||||
Net cash provided by financing activities | 2,347,086 | 5,401,940 | 1,576,166 | ||||||||||||||
Increase (decrease) in cash and cash equivalents including restricted cash | (1,243,064) | 3,065,999 | 43,354 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 4,252,917 | 1,186,918 | 1,143,564 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 3,009,853 | $ | 4,252,917 | $ | 1,186,918 | |||||||||||
Supplemental Disclosures: | |||||||||||||||||
Income taxes paid | $ | 204,214 | $ | 110,828 | $ | 101,781 | |||||||||||
Interest paid | 132,923 | 319,282 | 464,712 | ||||||||||||||
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 | 12,408 | 2,163 | 19,423 | ||||||||||||||
Loans transferred to (from) loans held for sale at fair value | (859) | 49,821 | 72,707 |
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 | — | ||||||||
Corrected Consolidated Statement of Cash Flows | |||||||||||||||||
(unaudited) | |||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||
(in thousands) | As Reported | Adjustment | As Corrected | ||||||||||||||
Investing Activities | |||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | 4,054,670 | $ | (1,404,984) | $ | 2,649,686 | |||||||||||
Purchases of investment securities available for sale | (7,441,163) | 1,404,984 | (6,036,179) | ||||||||||||||
Net cash used in investing activities | $ | 2,352,973 | $ | — | $ | 2,352,973 | |||||||||||
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. |
(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 | |||||
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, 2021 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 120,465 | $ | — | $ | (2,627) | $ | 117,838 | ||||||||||||||||||
U.S. Government agency securities | 53,214 | 1,374 | (387) | 54,201 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 790,329 | 768 | (11,464) | 779,633 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,063,890 | 50,491 | (102,080) | 8,012,301 | ||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 951,691 | 4,658 | (16,726) | 939,623 | ||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 479,420 | 8,644 | (6,320) | 481,744 | ||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | 514,188 | ||||||||||||||||||||||
Corporate debt securities and other debt securities | 18,309 | 492 | — | 18,801 | ||||||||||||||||||||||
Total investment securities available for sale | $ | 10,991,506 | $ | 66,427 | $ | (139,604) | $ | 10,918,329 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | — | $ | — | $ | 20,257 | ||||||||||||||||||
U.S. Government agency securities | 79,638 | 2,682 | — | 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 | — | 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 | — | 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, 2021 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 49,648 | $ | (379) | $ | 47,590 | $ | (2,248) | $ | 97,238 | $ | (2,627) | ||||||||||||||||||||||||||
U.S. Government agency securities | 21,760 | (387) | — | — | 21,760 | (387) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 461,078 | (5,858) | 244,264 | (5,606) | 705,342 | (11,464) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,729,476 | (82,671) | 643,758 | (19,409) | 6,373,234 | (102,080) | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 187,431 | (3,981) | 504,238 | (12,745) | 691,669 | (16,726) | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 146,672 | (2,951) | 83,533 | (3,369) | 230,205 | (6,320) | ||||||||||||||||||||||||||||||||
Total | $ | 6,596,065 | $ | (96,227) | $ | 1,523,383 | $ | (43,377) | $ | 8,119,448 | $ | (139,604) | ||||||||||||||||||||||||||
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) | $ | — | $ | — | $ | 566,896 | $ | (5,925) | ||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 803,429 | (10,576) | — | — | 803,429 | (10,576) | ||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,337 | (168) | — | — | 9,337 | (168) | ||||||||||||||||||||||||||||||||
Total | $ | 1,379,662 | $ | (16,669) | $ | — | $ | — | $ | 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 | ) | — | — | 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, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | |||||||||||||||||||||||||||
Amortized Cost | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,600 | $ | — | $ | 99,865 | $ | — | $ | 120,465 | ||||||||||||||||||||||
U.S. Government agency securities | 756 | 321 | 52,137 | — | 53,214 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 842 | 131 | 789,356 | 790,329 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 28 | — | 80,539 | 7,983,323 | 8,063,890 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 146 | 951,545 | 951,691 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 181,144 | 211,328 | 86,948 | 479,420 | |||||||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | — | 514,188 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,502 | — | 8,807 | — | 18,309 | |||||||||||||||||||||||||||
Total amortized cost | $ | 545,074 | $ | 182,307 | $ | 452,953 | $ | 9,811,172 | $ | 10,991,506 | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,600 | $ | — | $ | 97,238 | $ | — | $ | 117,838 | ||||||||||||||||||||||
U.S. Government agency securities | 760 | 322 | 53,119 | — | 54,201 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 870 | 136 | 778,627 | 779,633 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 28 | — | 83,271 | 7,929,002 | 8,012,301 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 150 | 939,473 | 939,623 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 182,821 | 209,311 | 89,612 | 481,744 | |||||||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | — | 514,188 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,730 | — | 9,071 | — | 18,801 | |||||||||||||||||||||||||||
Total fair value | $ | 545,306 | $ | 184,013 | $ | 452,296 | $ | 9,736,714 | $ | 10,918,329 | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Gross realized gains on sales | $ | 1,191 | $ | 85,375 | $ | 10,370 | ||||||||||||||
Gross realized losses on sales | (1,990) | (6,444) | (18,029) | |||||||||||||||||
Investment securities gains (losses), net | $ | (799) | $ | 78,931 | $ | (7,659) | ||||||||||||||
(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, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 11,973,974 | $ | 13,028 | $ | 3,686 | $ | 16,714 | $ | 37,918 | $ | 23,869 | $ | 12,052,475 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,493,804 | 3,627 | 59 | 3,686 | 7,146 | 4,050 | 7,508,686 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,467,778 | 16,655 | 3,745 | 20,400 | 45,064 | 27,919 | 19,561,161 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,861,303 | 1,285 | 717 | 2,002 | 3,273 | 2,577 | 9,869,155 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 639,631 | 1,182 | 93 | 1,275 | 4,535 | 28 | 645,469 | |||||||||||||||||||||||||||||||||||||
Land and development | 463,949 | 845 | 154 | 999 | 1,918 | — | 466,866 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,964,883 | 3,312 | 964 | 4,276 | 9,726 | 2,605 | 10,981,490 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,033,579 | 6,256 | 126 | 6,382 | 29,078 | — | 5,069,039 | |||||||||||||||||||||||||||||||||||||
Home equity lines | 1,269,610 | 2,619 | — | 2,619 | 9,760 | — | 1,281,989 | |||||||||||||||||||||||||||||||||||||
Credit cards | 296,695 | 1,584 | 1,277 | 2,861 | — | — | 299,556 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,090,806 | 20,369 | 658 | 21,027 | 6,890 | — | 2,118,723 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,690,690 | 30,828 | 2,061 | 32,889 | 45,728 | — | 8,769,307 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,123,351 | $ | 50,795 | $ | 6,770 | $ | 57,565 | $ | 100,518 | $ | 30,524 | $ | 39,311,958 | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Total Loans | Total Originated Loans | Total Acquired Loans(1) | Total Loans | (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 | $ | 10,252,859 | $ | 8,587,087 | $ | 1,665,772 | $ | 7,449,698 | Commercial, financial, and agricultural | $ | 12,321,514 | $ | 10,256 | $ | 996 | $ | 11,252 | $ | 55,527 | $ | 21,859 | $ | 12,410,152 | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 6,529,811 | 5,610,592 | 919,219 | 5,331,508 | Owner-occupied | 7,087,992 | 1,913 | 92 | 2,005 | 20,019 | — | 7,110,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 16,782,670 | 14,197,679 | 2,584,991 | 12,781,206 | Total commercial and industrial | 19,409,506 | 12,169 | 1,088 | 13,257 | 75,546 | 21,859 | 19,520,168 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | 9,042,679 | 6,495,903 | 2,546,776 | 5,560,951 | Investment properties | 9,075,843 | 2,751 | 154 | 2,905 | 24,631 | — | 9,103,379 | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | 780,015 | 627,182 | 152,833 | 679,870 | 1-4 family properties | 621,492 | 3,548 | 36 | 3,584 | 2,383 | 1,236 | 628,695 | |||||||||||||||||||||||||||||||||||||||||||||||
Land and development | 657,790 | 461,691 | 196,099 | 323,670 | Land and development | 591,048 | 422 | — | 422 | 1,899 | 264 | 593,633 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,480,484 | 7,584,776 | 2,895,708 | 6,564,491 | Total commercial real estate | 10,288,383 | 6,721 | 190 | 6,911 | 28,913 | 1,500 | 10,325,707 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,546,368 | 3,629,633 | 1,916,735 | 2,934,235 | Consumer mortgages | 5,495,415 | 8,851 | 485 | 9,336 | 8,740 | — | 5,513,491 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | 1,713,157 | 1,655,096 | 58,061 | 1,515,796 | Home equity lines | 1,521,575 | 4,006 | — | 4,006 | 12,145 | — | 1,537,726 | |||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 268,841 | 268,841 | — | 258,245 | Credit cards | 276,778 | 2,363 | 1,877 | 4,240 | — | — | 281,018 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,396,294 | 2,387,749 | 8,545 | 1,916,743 | Other consumer loans | 1,062,899 | 9,122 | 477 | 9,599 | 2,376 | — | 1,074,874 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 9,924,660 | 7,941,319 | 1,983,341 | 6,625,019 | Total consumer | 8,356,667 | 24,342 | 2,839 | 27,181 | 23,261 | — | 8,407,109 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | Loans, net of deferred fees and costs | $ | 38,054,556 | $ | 43,232 | $ | 4,117 | $ | 47,349 | $ | 127,720 | $ | 23,359 | $ | 38,252,984 | ||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||
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) | ||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,397,405 | $ | 1,332,549 | $ | 922,396 | $ | 607,918 | $ | 433,045 | $ | 903,995 | $ | 5,056,168 | $ | 42,809 | $ | 11,696,285 | |||||||||||||||||||||||||||||||||||
Special Mention | 2,731 | 15,166 | 17,571 | 10,433 | 2,242 | 2,489 | 71,996 | — | 122,628 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 16,105 | 50,979 | 40,125 | 10,383 | 16,473 | 37,565 | 51,269 | 33 | 222,932 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 469 | — | 1,601 | 8,512 | — | — | 48 | — | 10,630 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 2,416,710 | 1,398,694 | 981,693 | 637,246 | 451,760 | 944,049 | 5,179,481 | 42,842 | 12,052,475 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,776,086 | 1,276,797 | 1,117,825 | 858,721 | 708,942 | 1,150,386 | 437,724 | — | 7,326,481 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 702 | 19,950 | 4,724 | 10,202 | 18,109 | 36,481 | — | — | 90,168 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 7,312 | 1,294 | 8,386 | 43,276 | 6,169 | 25,329 | — | — | 91,766 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loss | 271 | — | — | — | — | — | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,784,371 | 1,298,041 | 1,130,935 | 912,199 | 733,220 | 1,212,196 | 437,724 | — | 7,508,686 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 4,201,081 | 2,696,735 | 2,112,628 | 1,549,445 | 1,184,980 | 2,156,245 | 5,617,205 | 42,842 | 19,561,161 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,823,978 | 1,463,503 | 1,905,534 | 1,019,765 | 738,036 | 1,284,013 | 278,697 | — | 9,513,526 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,163 | — | 32,290 | 63,900 | 59,194 | 44,532 | 33,659 | — | 239,738 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,465 | 326 | 8,550 | 57,127 | 3,564 | 23,505 | 21,354 | — | 115,891 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 2,831,606 | 1,463,829 | 1,946,374 | 1,140,792 | 800,794 | 1,352,050 | 333,710 | — | 9,869,155 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 295,082 | 82,976 | 51,939 | 43,025 | 49,057 | 57,025 | 55,588 | — | 634,692 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 192 | 207 | 641 | — | — | 239 | — | — | 1,279 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,999 | — | 566 | 4,222 | 489 | 2,177 | 45 | — | 9,498 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 297,273 | 83,183 | 53,146 | 47,247 | 49,546 | 59,441 | 55,633 | — | 645,469 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 141,614 | 42,201 | 77,868 | 34,058 | 37,167 | 44,989 | 44,730 | — | 422,627 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 800 | 1,900 | 31,458 | — | 1,179 | — | — | 35,337 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 824 | 1,149 | 46 | 3,021 | 807 | 3,055 | — | — | 8,902 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 142,438 | 44,150 | 79,814 | 68,537 | 37,974 | 49,223 | 44,730 | — | 466,866 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 3,271,317 | 1,591,162 | 2,079,334 | 1,256,576 | 888,314 | 1,460,714 | 434,073 | — | 10,981,490 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,293,106 | $ | 1,551,510 | $ | 570,344 | $ | 216,277 | $ | 392,422 | $ | 991,080 | $ | 296 | $ | — | $ | 5,015,035 | |||||||||||||||||||||||||||||||||||
Substandard(1) | 1,031 | 3,680 | 5,943 | 12,387 | 5,717 | 25,025 | — | — | 53,783 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | 5 | — | — | 216 | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,294,137 | 1,555,190 | 576,292 | 228,664 | 398,139 | 1,016,321 | 296 | — | 5,069,039 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,199,635 | 67,139 | 1,266,774 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,058 | 5,359 | 14,417 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 658 | 140 | 798 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | — | — | — | — | — | — | 1,209,351 | 72,638 | 1,281,989 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 298,287 | — | 298,287 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 521 | — | 521 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 748 | — | 748 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 299,556 | — | 299,556 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 654,818 | 709,077 | 127,131 | 50,007 | 86,175 | 97,780 | 385,308 | — | 2,110,296 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 668 | 1,550 | 2,064 | 1,308 | 1,892 | 750 | 175 | — | 8,407 | ||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 20 | — | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 655,486 | 710,627 | 129,195 | 51,315 | 88,067 | 98,550 | 385,483 | — | 2,118,723 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 1,949,623 | 2,265,817 | 705,487 | 279,979 | 486,206 | 1,114,871 | 1,894,686 | 72,638 | 8,769,307 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 9,422,021 | $ | 6,553,714 | $ | 4,897,449 | $ | 3,086,000 | $ | 2,559,500 | $ | 4,731,830 | $ | 7,945,964 | $ | 115,480 | $ | 39,311,958 | |||||||||||||||||||||||||||||||||||
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 | $ | 3,819,048 | $ | 1,333,460 | $ | 847,283 | $ | 582,612 | $ | 551,413 | $ | 633,871 | $ | 4,102,751 | $ | 49,762 | $ | 11,920,200 | |||||||||||||||||||||||||||||||||||
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) | — | 3,721 | 19,778 | — | — | — | 48 | — | 23,547 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 3,911,053 | 1,414,417 | 904,651 | 640,754 | 565,886 | 674,588 | 4,248,038 | 50,765 | 12,410,152 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,321,680 | 1,275,435 | 1,131,183 | 982,056 | 555,932 | 1,297,070 | 349,566 | — | 6,912,922 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,170 | 9,995 | 10,682 | 14,138 | 1,582 | 13,768 | — | — | 56,335 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 2,570 | 22,793 | 42,615 | 26,033 | 7,316 | 29,794 | — | — | 131,121 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | 9,638 | — | — | — | — | — | 9,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,330,420 | 1,308,223 | 1,194,118 | 1,022,227 | 564,830 | 1,340,632 | 349,566 | — | 7,110,016 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 5,241,473 | 2,722,640 | 2,098,769 | 1,662,981 | 1,130,716 | 2,015,220 | 4,597,604 | 50,765 | 19,520,168 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,055,440 | 2,126,667 | 1,999,345 | 1,091,880 | 483,780 | 1,301,088 | 229,044 | — | 8,287,244 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,482 | 66,160 | 176,794 | 136,004 | 138,362 | 129,401 | 55,440 | — | 703,643 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,007 | 4,770 | 24,476 | 19,820 | 21,875 | 40,509 | 35 | — | 112,492 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 1,057,929 | 2,197,597 | 2,200,615 | 1,247,704 | 644,017 | 1,470,998 | 284,519 | — | 9,103,379 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 197,320 | 95,145 | 70,267 | 88,454 | 38,729 | 97,374 | 27,657 | — | 614,946 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 402 | — | 508 | 109 | 786 | 118 | — | — | 1,923 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,527 | 653 | 4,312 | 1,141 | 554 | 2,299 | 1,340 | — | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 199,249 | 95,798 | 75,087 | 89,704 | 40,069 | 99,791 | 28,997 | — | 628,695 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 84,985 | 173,302 | 83,734 | 92,911 | 12,249 | 76,380 | 53,250 | — | 576,811 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 857 | 1,995 | 2,866 | 282 | — | 1,332 | 636 | — | 7,968 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,229 | 425 | 4,664 | 915 | 136 | 1,485 | — | — | 8,854 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 87,071 | 175,722 | 91,264 | 94,108 | 12,385 | 79,197 | 53,886 | — | 593,633 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 1,344,249 | 2,469,117 | 2,366,966 | 1,431,516 | 696,471 | 1,649,986 | 367,402 | — | 10,325,707 | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,871,512 | $ | 874,769 | $ | 425,711 | $ | 678,255 | $ | 685,810 | $ | 965,382 | $ | 1,040 | $ | — | $ | 5,502,479 | |||||||||||||||||||||||||||||||||||
Substandard(1) | 33 | 961 | 748 | 889 | 866 | 7,224 | — | — | 10,721 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | 291 | — | — | 291 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,871,545 | 875,730 | 426,459 | 679,144 | 686,676 | 972,897 | 1,040 | — | 5,513,491 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,429,755 | 90,832 | 1,520,587 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,698 | 5,996 | 15,694 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 1,283 | 143 | 1,426 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | — | — | — | — | — | — | 1,440,736 | 96,990 | 1,537,726 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 279,142 | — | 279,142 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 595 | — | 595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 1,281 | — | 1,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 281,018 | — | 281,018 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 252,160 | 190,820 | 89,187 | 100,459 | 80,365 | 61,040 | 297,637 | — | 1,071,668 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 19 | 762 | 262 | 1,195 | 121 | 585 | 227 | — | 3,171 | ||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 35 | — | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 252,179 | 191,582 | 89,449 | 101,654 | 80,486 | 61,660 | 297,864 | — | 1,074,874 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 2,123,724 | 1,067,312 | 515,908 | 780,798 | 767,162 | 1,034,557 | 2,020,658 | 96,990 | 8,407,109 | ||||||||||||||||||||||||||||||||||||||||||||
Loan, net of deferred fees and costs | $ | 8,709,446 | $ | 6,259,069 | $ | 4,981,643 | $ | 3,875,295 | $ | 2,594,349 | $ | 4,699,763 | $ | 6,985,664 | $ | 147,755 | $ | 38,252,984 | |||||||||||||||||||||||||||||||||||
(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 | |
As of and For The Year Ended December 31, 2021 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | ||||||||||||||||||
Charge-offs | (59,457) | (15,392) | (30,383) | (105,232) | ||||||||||||||||||||||
Recoveries | 9,734 | 7,444 | 10,266 | 27,444 | ||||||||||||||||||||||
Provision for (reversal of) loan losses | 8,532 | (25,034) | (83,849) | (100,351) | ||||||||||||||||||||||
Ending balance | $ | 188,364 | $ | 97,760 | $ | 141,473 | $ | 427,597 | ||||||||||||||||||
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 (reversal of) 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 (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 | ||||||||||||||||||
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 | |||||||||
TDRs |
TDRs by Concession Type | ||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 152 | $ | 12,746 | $ | 8,096 | $ | 20,842 | |||||||||||||||||||
Owner-occupied | 24 | 5,908 | 868 | 6,776 | ||||||||||||||||||||||
Total commercial and industrial | 176 | 18,654 | 8,964 | 27,618 | ||||||||||||||||||||||
Investment properties | 9 | 3,130 | — | 3,130 | ||||||||||||||||||||||
1-4 family properties | 13 | 1,131 | 123 | 1,254 | ||||||||||||||||||||||
Land and development | 8 | 1,948 | 60 | 2,008 | ||||||||||||||||||||||
Total commercial real estate | 30 | 6,209 | 183 | 6,392 | ||||||||||||||||||||||
Consumer mortgages | 18 | 2,512 | 1,006 | 3,518 | ||||||||||||||||||||||
Home equity lines | 55 | 4,991 | 258 | 5,249 | ||||||||||||||||||||||
Other consumer loans | 103 | 435 | 5,720 | 6,155 | ||||||||||||||||||||||
Total consumer | 176 | 7,938 | 6,984 | 14,922 | ||||||||||||||||||||||
Loans, net of deferred fees and costs | 382 | $ | 32,801 | $ | 16,131 | $ | 48,932 | (2) |
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 | — | 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 | ||||||||||||||||||||||
Loans, net of deferred fees and costs | 352 | $ | 52,550 | $ | 24,065 | $ | 76,615 | (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 no principal forgiveness for the years ended December 31, 2021, 2020, and 2019. (2) No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans. (3)No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans. (4) No charge-offs were recorded during the year ended December 31, 2019 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) | 2021 | 2020 | ||||||||||||
Land | $ | 104,768 | $ | 113,828 | ||||||||||
Buildings and improvements | 361,593 | 407,735 | ||||||||||||
Leasehold improvements | 55,098 | 53,174 | ||||||||||||
Furniture, equipment and software | 441,091 | 481,560 | ||||||||||||
Construction in progress | 18,918 | 13,052 | ||||||||||||
Total premises, equipment and software | 981,468 | 1,069,349 | ||||||||||||
Less: Accumulated depreciation and amortization | (574,227) | (605,390) | ||||||||||||
Net premises, equipment and software | $ | 407,241 | $ | 463,959 | ||||||||||
(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) | Community Banking Reporting Unit | Wholesale Banking Reporting Unit | Consumer Mortgage Reporting Unit | Wealth Management Reporting Unit | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 256,323 | $ | 171,636 | $ | 44,877 | $ | 24,431 | $ | 497,267 | |||||||||||||||||||
Goodwill impairment | — | — | (44,877) | — | (44,877) | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 256,323 | $ | 171,636 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||
Change in goodwill | — | — | — | — | — | ||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 256,323 | $ | 171,636 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||
(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) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
December 31, 2021 | |||||||||||||||||
CDI | $ | 57,400 | $ | (28,178) | $ | 29,222 | |||||||||||
Other | 12,500 | (6,126) | 6,374 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (34,304) | $ | 35,596 | |||||||||||
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 | |||||||||||
(in thousands) | Amortization Expense | ||||
2022 | $ | 8,472 | |||
2023 | 7,429 | ||||
2024 | 6,366 | ||||
2025 | 5,266 | ||||
2026 | 4,195 | ||||
(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) | 2021 | 2020 | |||||||||
Investments in tax credits, CRA partnerships, and other investments | $ | 426,137 | $ | 262,855 | |||||||
ROU assets | 411,472 | 380,380 | |||||||||
Derivative asset positions | 191,708 | 401,295 | |||||||||
Deferred tax asset, net | 169,051 | 130,848 | |||||||||
Federal Reserve Bank and FHLB Stock | 159,941 | 157,520 | |||||||||
Accrued interest receivable | 145,659 | 177,865 | |||||||||
Accounts receivable | 81,325 | 88,286 | |||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | 37,650 | |||||||||
Prepaid expense | 42,874 | 45,088 | |||||||||
MPS receivable(1) | 15,320 | 15,575 | |||||||||
Other investments | 12,185 | 1,021 | |||||||||
Other real estate | 11,818 | 1,819 | |||||||||
Trading account assets, at fair value | 8,391 | 10,880 | |||||||||
Miscellaneous other assets | 70,660 | 49,517 | |||||||||
Total other assets | $ | 1,790,198 | $ | 1,760,599 | |||||||
(in thousands) | 2019 | 2018 | (in thousands) | 2021 | 2020 | |||||||||||||||||
Interest-bearing demand deposits(1) | $ | 6,470,570 | $ | 4,756,239 | Interest-bearing demand deposits(1) | $ | 9,321,611 | $ | 8,838,710 | |||||||||||||
Money market accounts(1) | 11,227,134 | 8,143,975 | Money market accounts(1) | 16,364,338 | 15,277,829 | |||||||||||||||||
Savings accounts | 918,109 | 817,385 | Savings accounts | 1,420,647 | 1,168,672 | |||||||||||||||||
Time deposits(1) | 6,920,213 | 3,803,726 | Time deposits(1) | 3,093,027 | 4,358,100 | |||||||||||||||||
Brokered deposits | 3,429,993 | 1,548,030 | Brokered deposits | 2,835,000 | 3,570,406 | |||||||||||||||||
Total interest-bearing deposits | $ | 28,966,019 | $ | 19,069,355 | Total interest-bearing deposits | $ | 33,034,623 | $ | 33,213,717 | |||||||||||||
(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 | |
(in thousands) | |||||
Maturing within one year | $ | 3,025,020 | |||
Between 1 - 2 years | 789,274 | ||||
2 - 3 years | 171,042 | ||||
3 - 4 years | 79,903 | ||||
4 - 5 years | 41,967 | ||||
Thereafter | 10,269 | ||||
Total | $ | 4,117,475 | |||
2019 | 2018 | ||||||
(dollars in thousands) | |||||||
Federal funds purchased | $ | — | $ | 628 | |||
Securities sold under repurchase agreements | 165,690 | 237,064 | |||||
Trading liability for short positions | 1,560 | — | |||||
FHLB advances with original maturities of one year or less | 1,752,000 | 650,000 | |||||
Total short-term borrowings | $ | 1,919,250 | $ | 887,692 | |||
(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) | 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 | |||
(dollars in thousands) | 2021 | 2020 | |||||||||
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 | $ | 299,479 | $ | 298,853 | |||||||
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to 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 | 297,855 | 297,553 | |||||||||
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.00% at December 31, 2021 and 2.02% at December 31, 2020) | 10,000 | 10,000 | |||||||||
Total long-term debt — Parent Company | $ | 607,334 | $ | 606,406 | |||||||
Synovus Bank: | |||||||||||
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $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 bps per annum(1) | $ | 399,269 | $ | 398,594 | |||||||
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 | 197,626 | 197,349 | |||||||||
FRB PPP Lending Facility | — | 145 | |||||||||
Total long-term debt — Synovus Bank | 596,895 | 596,088 | |||||||||
Total long-term debt | $ | 1,204,229 | $ | 1,202,494 | |||||||
(in thousands) | Parent Company | Synovus Bank | Total | |||||||||||||||||
2022 | $ | 300,000 | $ | — | $ | 300,000 | ||||||||||||||
2023 | — | 400,000 | (1) | 400,000 | ||||||||||||||||
2024 | — | — | — | |||||||||||||||||
2025 | — | — | — | |||||||||||||||||
2026 | — | — | — | |||||||||||||||||
Thereafter | 310,000 | 200,000 | 510,000 | |||||||||||||||||
Total | $ | 610,000 | $ | 600,000 | $ | 1,210,000 | ||||||||||||||
(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 D Preferred Stock Issued | Series E Preferred Stock Issued | Total Preferred Stock Issued | Common Stock Issued | Treasury Stock Held | Common Stock Outstanding | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 8,000 | — | 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 | — | 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 | |||||||||||||||||||||||||||||
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 | 8,000 | 14,000 | 22,000 | 168,133 | 20,093 | 148,040 | |||||||||||||||||||||||||||||
Warrants exercised and common stock reissued | — | — | — | — | (3) | 3 | |||||||||||||||||||||||||||||
Common stock reissued for earnout payment | — | — | — | — | (125) | 125 | |||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | 355 | — | 355 | |||||||||||||||||||||||||||||
Stock options exercised | — | — | — | 896 | — | 896 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 4,409 | (4,409) | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 8,000 | 14,000 | 22,000 | 169,384 | 24,374 | 145,010 | |||||||||||||||||||||||||||||
Issuance Date | Public Offering Amount | Net Proceeds | Earliest Redemption Date | Dividend Rate(1) | Liquidation Preference | ||||||||||||||||||||||||||||||
Series D | June 21, 2018 | $200.0 | million | $195.1 | million | June 21, 2023 | 6.300 | % | (2) | $25 per share | |||||||||||||||||||||||||
Series E | July 1, 2019 | $350.0 | million | $342.0 | million | July 1, 2024 | 5.875 | % | (3) | $25 per share | |||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||||||||||||
(in thousands) | Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1) | Net Unrealized Gains (Losses) on Cash Flow Hedges(1) | Post-Retirement Unfunded Health Benefit | Total | |||||||||||||||||||
Balance at December 31, 2018 | $ | (83,179) | $ | (12,137) | $ | 896 | $ | (94,420) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 161,170 | (6,350) | (378) | 154,442 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 5,675 | — | (56) | 5,619 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 166,845 | (6,350) | (434) | 160,061 | |||||||||||||||||||
Balance at December 31, 2019 | $ | 83,666 | $ | (18,487) | $ | 462 | $ | 65,641 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 80,491 | 73,502 | — | 153,993 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (58,488) | (2,049) | (462) | (60,999) | |||||||||||||||||||
Net current period other comprehensive income (loss) | 22,003 | 71,453 | (462) | 92,994 | |||||||||||||||||||
Balance at December 31, 2020 | $ | 105,669 | $ | 52,966 | $ | — | $ | 158,635 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (174,246) | (57,705) | — | (231,951) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 597 | (9,602) | — | (9,005) | |||||||||||||||||||
Net current period other comprehensive income (loss) | (173,649) | (67,307) | — | (240,956) | |||||||||||||||||||
Balance at December 31, 2021 | $ | (67,980) | $ | (14,341) | $ | — | $ | (82,321) | |||||||||||||||
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 | ||||||
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) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 4,388,618 | $ | 4,034,865 | $ | 2,079,435 | $ | 1,879,551 | 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 | 4,925,763 | 4,572,010 | 2,772,581 | 2,506,068 | 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 | 5,827,196 | 5,604,230 | 3,696,774 | 3,341,425 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
CET1 capital ratio | 8.95 | % | 9.95 | % | 4.50 | % | 4.50 | % | N/A | N/A | CET1 capital ratio | 9.50 | % | 9.66 | % | 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 | 10.66 | 10.95 | 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 | 12.61 | 13.42 | 8.00 | 8.00 | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Leverage ratio | 9.16 | 9.60 | 4.00 | 4.00 | N/A | N/A | Leverage ratio | 8.72 | 8.50 | 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 | $ | 4,998,698 | $ | 4,641,711 | $ | 2,076,515 | $ | 1,880,757 | $ | 2,999,410 | $ | 2,716,650 | |||||||||||||||||||||||||||||||||
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 | 4,998,698 | 4,641,711 | 2,768,686 | 2,507,677 | 3,691,581 | 3,343,569 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 5,587,757 | 5,361,611 | 3,691,581 | 3,343,569 | 4,614,477 | 4,176,461 | |||||||||||||||||||||||||||||||||||||||||||||
CET1 capital ratio | 11.10 | % | 11.62 | % | 4.50 | % | 4.50 | % | 6.50 | % | 6.50 | % | CET1 capital ratio | 10.83 | % | 11.11 | % | 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 | 10.83 | 11.11 | 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 | 12.11 | 12.83 | 8.00 | 8.00 | 10.00 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||
Leverage ratio | 9.94 | 10.51 | 4.00 | 4.00 | 5.00 | 5.00 | Leverage ratio | 8.86 | 8.73 | 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) | 2021 | 2020 | 2019 | ||||||||||||||
Net income | $ | 760,467 | $ | 373,695 | $ | 563,780 | |||||||||||
Less: Preferred stock dividends | 33,163 | 33,163 | 22,881 | ||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | |||||||||||
Weighted average common shares outstanding | 147,041 | 147,415 | 154,331 | ||||||||||||||
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments | 1,454 | 795 | 1,727 | ||||||||||||||
Weighted average diluted common shares | 148,495 | 148,210 | 156,058 | ||||||||||||||
Net income per common share, basic | $ | 4.95 | $ | 2.31 | $ | 3.50 | |||||||||||
Net income per common share, diluted | $ | 4.90 | $ | 2.30 | $ | 3.47 | |||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | 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 | $ | — | $ | 197 | $ | — | $ | 197 | $ | — | $ | 10,185 | $ | — | $ | 10,185 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 671 | — | 671 | — | 158 | — | 158 | ||||||||||||||||||||||||||||||||||||||||||
Other mortgage-backed securities | — | — | — | — | — | 178 | — | 178 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | — | 560 | — | 560 | — | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 6,963 | — | 6,963 | — | 183 | — | 183 | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | — | $ | 8,391 | $ | — | $ | 8,391 | $ | — | $ | 10,880 | $ | — | $ | 10,880 | ||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 117,838 | $ | — | $ | — | $ | 117,838 | $ | 20,257 | $ | — | $ | — | $ | 20,257 | ||||||||||||||||||||||||||||||||||
U.S. Government agency securities | — | 54,201 | — | 54,201 | — | 82,320 | — | 82,320 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 779,633 | — | 779,633 | — | 1,218,017 | — | 1,218,017 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 8,012,301 | — | 8,012,301 | — | 5,000,046 | — | 5,000,046 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 939,623 | — | 939,623 | — | 1,250,377 | — | 1,250,377 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 481,744 | — | 481,744 | — | 370,921 | — | 370,921 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 514,188 | — | 514,188 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | — | 18,801 | — | 18,801 | — | 18,479 | 2,021 | 20,500 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 117,838 | $ | 10,800,491 | $ | — | $ | 10,918,329 | $ | 20,257 | $ | 7,940,160 | $ | 2,021 | $ | 7,962,438 | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 108,198 | — | 108,198 | — | 216,647 | — | 216,647 | ||||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | 12,185 | 12,185 | — | — | 1,021 | 1,021 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | — | — | 43,657 | 37,650 | — | — | 37,650 | ||||||||||||||||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | — | — | 3,233 | 3,233 | — | — | 3,258 | 3,258 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | 191,708 | — | 191,708 | — | 401,295 | — | 401,295 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liability for short positions | $ | — | $ | 200 | $ | — | $ | 200 | $ | — | $ | 7,717 | $ | — | $ | 7,717 | ||||||||||||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 27,205 | — | — | 27,205 | 20,752 | — | — | 20,752 | ||||||||||||||||||||||||||||||||||||||||||
Earnout liability | — | — | — | — | — | — | 5,677 | 5,677 | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | — | 95,067 | 3,535 | 98,602 | — | 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, 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) | 2021 | 2020 | 2019 | ||||||||||||||
Changes in fair value included in net income: | |||||||||||||||||
Mortgage loans held for sale | $ | (3,942) | $ | 3,400 | $ | 1,675 | |||||||||||
Mortgage loans held for sale: | |||||||||||||||||
Fair value | 108,198 | 216,647 | 115,173 | ||||||||||||||
Unpaid principal balance | 105,785 | 210,292 | 112,218 | ||||||||||||||
Fair value less aggregate unpaid principal balance | $ | 2,413 | $ | 6,355 | $ | 2,955 | |||||||||||
2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | |||||||||||||||||||||||||||
Beginning balance | $ | 2,021 | $ | 1,021 | $ | 3,258 | $ | (5,677) | $ | (2,048) | ||||||||||||||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||||||||||||||||||
Included in earnings | — | 1,164 | (1,339) | (507) | (2,656) | |||||||||||||||||||||||||||
Sales | (2,021) | — | — | — | — | |||||||||||||||||||||||||||
Additions | — | 10,000 | — | — | — | |||||||||||||||||||||||||||
Settlements | — | — | 1,314 | 6,184 | 1,169 | |||||||||||||||||||||||||||
Ending balance | $ | — | $ | 12,185 | $ | 3,233 | $ | — | $ | (3,535) | ||||||||||||||||||||||
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, 2021 | $ | — | $ | 1,164 | $ | — | 0 | $ | (2,656) | |||||||||||||||||||||||
2019 | |||||||||||||||||||
(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 | ) | |||||||
Total (losses) gains realized/unrealized: | |||||||||||||||||||
Included in earnings | — | 230 | (1,631 | ) | (10,457 | ) | (3,611 | ) | |||||||||||
Unrealized gains (losses) included in other comprehensive income | 320 | — | — | — | — | ||||||||||||||
Additions | — | — | 942 | — | — | ||||||||||||||
Sales | — | (1,437 | ) | — | — | — | |||||||||||||
Settlements | — | — | — | 13,794 | 2,945 | ||||||||||||||
Transfers out of Level 3 | — | (5,934 | ) | — | — | — | |||||||||||||
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 | ) | |||||||
2020 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | ||||||||||||||||||||||||
Beginning balance | $ | 2,105 | $ | 3,887 | $ | 3,040 | $ | (11,016) | $ | (2,339) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | — | (2,866) | (1,000) | (4,908) | (890) | ||||||||||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | (84) | — | — | — | — | ||||||||||||||||||||||||
Additions | — | — | 1,218 | — | — | ||||||||||||||||||||||||
Settlements | — | — | — | 10,247 | 1,181 | ||||||||||||||||||||||||
Ending balance | $ | 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 | $ | — | $ | (2,866) | $ | — | $ | (4,908) | $ | (890) | |||||||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Valuation Technique | Significant Unobservable Input | Level 3 Fair Value | Rate/Range | 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 | $— | N/A | $2,021 | 4.96% 4.06% | |||||||||||||||||||||||||||||
Other 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 | $12,185 | N/A | $1,021 | N/A | |||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | Discounted cash flow analysis | Discount rate Prepayment speeds | $3,233 | 8.55% 18.50% | $3,258 | 10.79% 18.81% | |||||||||||||||||||||||||||||
Earnout liability | Option pricing methods and Monte Carlo simulation | Financial projections of Global One through June 30, 2021 | $— | N/A | $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 | $3,535 | 0-1.8 years (3Q 2023) | $2,048 | 0-1.8 years (3Q 2022) | |||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 19,482 | $ | 19,482 | $ | — | $ | — | $ | 44,802 | $ | 44,802 | ||||||||||||||||||||||||||||||||||
Other real estate | — | — | 270 | 270 | — | — | 860 | 860 | ||||||||||||||||||||||||||||||||||||||||||
MPS receivable | — | — | — | — | — | — | 15,575 | 15,575 | ||||||||||||||||||||||||||||||||||||||||||
Other assets held for sale | — | — | 1,256 | 1,256 | — | — | 2,354 | 2,354 | ||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Location in Consolidated Statements of Income | ||||||||||||||
Loans(1) | $ | 27,613 | $ | 21,927 | Provision for credit losses | ||||||||||||
Other real estate | 120 | 200 | Other operating expense | ||||||||||||||
MPS receivable | — | 2,663 | Other operating expense | ||||||||||||||
Other assets held for sale | 462 | 2,292 | Other operating expense | ||||||||||||||
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, 2021 | December 31, 2020 | ||||||||||||||||||||||
Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | 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%-71% (48%) 0%-10% (7%) | 0%-39% (25%) 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 | N/A | |||||||||||||||||||
Other real estate | Third-party appraised value of real estate less estimated selling costs | Discount to appraised value Estimated selling costs | 0%-48% (24%) 0%-10% (7%) | 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 | 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%-51% (20%) 0%-10% (7%) | 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, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 3,009,853 | $ | 3,009,853 | $ | 3,009,853 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 8,391 | 8,391 | — | 8,391 | — | ||||||||||||||||||||||||
Investment securities available for sale | 10,918,329 | 10,918,329 | 117,838 | 10,800,491 | — | ||||||||||||||||||||||||
Loans held for sale | 750,642 | 749,980 | — | 108,198 | 641,782 | ||||||||||||||||||||||||
Other investments | 12,185 | 12,185 | — | — | 12,185 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | 43,657 | 43,657 | — | — | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | 38,884,361 | 39,118,275 | — | — | 39,118,275 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,233 | 3,233 | — | — | 3,233 | ||||||||||||||||||||||||
FRB and FHLB stock | 159,941 | 159,941 | — | 159,941 | — | ||||||||||||||||||||||||
Derivative assets | 191,708 | 191,708 | — | 191,708 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 16,392,653 | $ | 16,392,653 | $ | — | $ | 16,392,653 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 28,917,148 | 28,917,148 | — | 28,917,148 | — | ||||||||||||||||||||||||
Time deposits | 4,117,475 | 4,125,673 | — | 4,125,673 | — | ||||||||||||||||||||||||
Total deposits | $ | 49,427,276 | $ | 49,435,474 | $ | — | $ | 49,435,474 | $ | — | |||||||||||||||||||
Securities sold under repurchase agreements | 264,133 | 264,133 | 264,133 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 200 | 200 | — | 200 | — | ||||||||||||||||||||||||
Long-term debt | 1,204,229 | 1,243,147 | — | 1,243,147 | — | ||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 27,205 | 27,205 | 27,205 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 98,602 | 98,602 | — | 95,067 | 3,535 | ||||||||||||||||||||||||
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 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 10,880 | 10,880 | — | 10,880 | — | ||||||||||||||||||||||||
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 | — | 216,647 | 544,292 | ||||||||||||||||||||||||
Other investments | 1,021 | 1,021 | — | — | 1,021 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 37,650 | 37,650 | 37,650 | — | — | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | 37,647,248 | 37,605,881 | — | — | 37,605,881 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,258 | 3,258 | — | — | 3,258 | ||||||||||||||||||||||||
FRB and FHLB stock | 157,520 | 157,520 | — | 157,520 | — | ||||||||||||||||||||||||
Derivative assets | 401,295 | 401,295 | — | 401,295 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 13,477,854 | $ | 13,477,854 | $ | — | $ | 13,477,854 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 27,265,521 | 27,265,521 | — | 27,265,521 | — | ||||||||||||||||||||||||
Time deposits | 5,948,196 | 5,970,146 | — | 5,970,146 | — | ||||||||||||||||||||||||
Total deposits | $ | 46,691,571 | $ | 46,713,521 | $ | — | $ | 46,713,521 | $ | — | |||||||||||||||||||
Securities sold under repurchase agreements | 227,922 | 227,922 | 227,922 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 7,717 | 7,717 | — | 7,717 | — | ||||||||||||||||||||||||
Long-term debt | 1,202,494 | 1,266,825 | — | 1,266,825 | — | ||||||||||||||||||||||||
Earnout liability | 5,677 | 5,677 | — | — | 5,677 | ||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 20,752 | 20,752 | 20,752 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 157,167 | 157,167 | — | 155,119 | 2,048 | ||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,600,000 | $ | 22,004 | $ | 20,395 | $ | 3,000,000 | $ | 80,802 | $ | — | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 22,004 | $ | 20,395 | $ | 80,802 | $ | — | |||||||||||||||||||||||||||
Derivatives not designated: as hedging instruments | |||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | $ | 9,653,600 | $ | 167,560 | $ | 74,514 | $ | 8,784,141 | $ | 314,234 | $ | 153,204 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 99,006 | 2,105 | — | 306,138 | 6,259 | — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 105,500 | — | 122 | 230,500 | — | 1,611 | |||||||||||||||||||||||||||||
Other contracts(4) | 293,059 | — | 36 | 234,884 | — | 304 | |||||||||||||||||||||||||||||
Foreign exchange contracts(5) | 22,387 | 39 | — | 24,125 | 0 | 0 | |||||||||||||||||||||||||||||
Visa derivative | — | — | 3,535 | — | — | 2,048 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 169,704 | $ | 78,207 | $ | 320,493 | $ | 157,167 | |||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | |||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate contracts | $ | 2,000,000 | $ | 54 | $ | 8,624 | $ | — | $ | — | $ | — | |||||||||||
Total derivatives designated as hedging instruments | $ | 54 | $ | 8,624 | $ | — | $ | — | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts(3) | $ | 7,258,159 | $ | 138,672 | $ | 25,849 | $ | 1,840,288 | $ | 18,388 | $ | 15,716 | |||||||||||
Mortgage derivatives - interest rate lock commitments | 70,481 | 1,290 | — | 52,420 | 944 | — | |||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 107,000 | — | 168 | 65,500 | — | 819 | |||||||||||||||||
Other contracts(4) | 145,764 | — | 91 | 69,902 | — | — | |||||||||||||||||
Visa derivative | — | — | 2,339 | — | — | 1,673 | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 139,962 | $ | 28,447 | $ | 19,332 | $ | 18,208 | |||||||||||||||
(4)Includes |
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Total amounts presented on the consolidated statements of income in interest income on loans | $ | 31,522 | $ | 22,215 | $ | — | |||||||||||
Gain/loss on cash flow hedging relationships:(1) | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 12,862 | 2,765 | — | ||||||||||||||
Pre-tax income recognized on cash flow hedges | $ | 12,862 | $ | 2,765 | $ | — | |||||||||||
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 | 2021 | 2020 | 2019 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts(1) | Capital markets income | $ | 100 | $ | (777) | $ | (338) | ||||||||||||||||
Other contracts(2) | Capital markets income | 269 | (213) | (91) | |||||||||||||||||||
Foreign exchange contracts | Capital markets income | 39 | — | — | |||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | (4,154) | 4,969 | 346 | |||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | 1,489 | (1,443) | 651 | |||||||||||||||||||
Visa derivative | Other non-interest expense | 2,656 | (890) | (3,611) | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 399 | $ | 1,646 | $ | (3,043) | |||||||||||||||||
(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) | 2021 | 2020 | |||||||||||||
Letters of credit * | $ | 202,614 | $ | 157,675 | ||||||||||||||
Letters of credit(1) | Letters of credit(1) | $ | 183,463 | $ | 190,562 | |||||||||||||
Commitments to fund commercial and industrial loans | 7,018,152 | 5,527,017 | Commitments to fund commercial and industrial loans | 9,069,588 | 8,200,608 | |||||||||||||
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 | 3,593,171 | 3,290,041 | |||||||||||||
Commitments under home equity lines of credit | 1,501,452 | 1,258,657 | Commitments under home equity lines of credit | 1,805,869 | 1,602,831 | |||||||||||||
Unused credit card lines | 877,929 | 775,003 | Unused credit card lines | 999,787 | 1,012,313 | |||||||||||||
Other loan commitments | 485,371 | 400,983 | Other loan commitments | 604,353 | 472,233 | |||||||||||||
Total letters of credit and unfunded lending commitments | $ | 13,117,770 | $ | 10,153,558 | Total letters of credit and unfunded lending commitments | $ | 16,256,231 | $ | 14,768,588 | |||||||||
Investments in low income housing, solar energy tax credit, and other CRA partnerships: | ||||||||||||||||||
Tax credits, CRA partnerships, and other investments: | Tax credits, CRA partnerships, and other investments: | |||||||||||||||||
Carrying amount included in other assets | $ | 146,612 | $ | 84,486 | Carrying amount included in other assets | $ | 426,137 | $ | 262,855 | |||||||||
Amount of future funding commitments included in carrying amount | 78,266 | 47,123 | ||||||||||||||||
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 | ||||||||||||||||
Amount of future funding commitments | Amount of future funding commitments | 250,733 | 133,946 | |||||||||||||||
Permanent and short-term construction loans and letter of credit commitments(2) | Permanent and short-term construction loans and letter of credit commitments(2) | 204,391 | 82,786 | |||||||||||||||
Funded portion of permanent and short-term loans and letters of credit(3) | Funded portion of permanent and short-term loans and letters of credit(3) | 104,315 | 9,528 | |||||||||||||||
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) | 2021 | 2020 | 2019 | ||||||||||||||
Salaries and other personnel expense | $ | 26,957 | $ | 17,827 | $ | 19,618 | |||||||||||
Merger-related expense | — | — | 4,219 | ||||||||||||||
Other operating expense | 838 | 814 | 650 | ||||||||||||||
Total share-based compensation expense included in non-interest expense | $ | 27,795 | $ | 18,641 | $ | 24,487 | |||||||||||
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 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(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 | 2,401 | $ | 22.47 | 3,037 | $ | 22.74 | 640 | $ | 16.93 | ||||||||||||||||||||||||||
Assumed in acquisition | — | — | — | — | 3,230 | 23.22 | |||||||||||||||||||||||||||||
Options exercised | (923) | 22.07 | (572) | 22.67 | (820) | 19.91 | |||||||||||||||||||||||||||||
Options forfeited/expired/canceled | — | — | (64) | 33.50 | (13) | 34.23 | |||||||||||||||||||||||||||||
Options outstanding at end of year | 1,478 | $ | 22.71 | 2,401 | $ | 22.47 | 3,037 | $ | 22.74 | ||||||||||||||||||||||||||
Options exercisable at end of year | 1,478 | $ | 22.71 | 2,401 | $ | 22.47 | 2,399 | $ | 19.52 | ||||||||||||||||||||||||||
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 | ||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Risk-free interest rate | 2.87 | % | 1.42 | % | 2.40 | % | ||||||||||||||
Expected stock price volatility | 56.1 | 25.4 | 24.4 | |||||||||||||||||
Simulation period | 2.9 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/Performance Share Units | |||||||||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
Outstanding at December 31, 2018 | 526 | $ | 41.18 | 392 | $ | 39.62 | ||||||||||||||||||||
Granted | 573 | 36.27 | 305 | 37.22 | ||||||||||||||||||||||
Assumed in acquisition | 136 | 31.99 | — | — | ||||||||||||||||||||||
Vested | (304) | 37.04 | (152) | 30.87 | ||||||||||||||||||||||
Forfeited | (114) | 37.04 | (50) | 39.45 | ||||||||||||||||||||||
Outstanding at December 31, 2019 | 817 | 38.32 | 495 | 40.85 | ||||||||||||||||||||||
Granted | 822 | 32.42 | 204 | 37.74 | ||||||||||||||||||||||
Vested | (384) | 38.04 | (214) | 41.31 | ||||||||||||||||||||||
Forfeited | (34) | 35.97 | (46) | 39.03 | ||||||||||||||||||||||
Outstanding at December 31, 2020 | 1,221 | 34.50 | 439 | 39.37 | ||||||||||||||||||||||
Granted | 599 | 42.31 | 141 | 42.94 | ||||||||||||||||||||||
Vested | (482) | 37.05 | (58) | 42.43 | ||||||||||||||||||||||
Forfeited | (93) | 31.41 | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2021 | 1,245 | $ | 37.00 | 522 | $ | 37.59 | ||||||||||||||||||||
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) | 2021 | 2020 | 2019 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 153,911 | $ | 187,741 | $ | 112,517 | |||||||||||
State | 29,982 | 9,421 | 2,085 | ||||||||||||||
Total current income tax expense | 183,893 | 197,162 | 114,602 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | 28,873 | (90,777) | 46,182 | ||||||||||||||
State | 16,127 | 4,585 | 40,451 | ||||||||||||||
Total deferred income tax expense (benefit) | 45,000 | (86,192) | 86,633 | ||||||||||||||
Total income tax expense | $ | 228,893 | $ | 110,970 | $ | 201,235 | |||||||||||
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax expense at statutory federal income tax rate | $ | 207,765 | $ | 101,779 | $ | 160,653 | |||||||||||
Increase (decrease) resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax benefit | 38,452 | 11,168 | 33,764 | ||||||||||||||
Income not subject to tax | (10,455) | (9,207) | (6,564) | ||||||||||||||
Low income housing tax credits and other tax benefits, net of amortization | (4,858) | (2,611) | (1,583) | ||||||||||||||
FDIC premiums | 4,111 | 4,744 | 5,802 | ||||||||||||||
General business tax credits | (3,727) | (657) | (678) | ||||||||||||||
Excess tax benefit from share-based compensation | (3,084) | 311 | (1,337) | ||||||||||||||
Executive compensation | 1,096 | 1,501 | 6,385 | ||||||||||||||
Goodwill impairment | — | 9,424 | — | ||||||||||||||
Other, net | (407) | (5,482) | 4,793 | ||||||||||||||
Total income tax expense | $ | 228,893 | $ | 110,970 | $ | 201,235 | |||||||||||
Effective tax rate | 23.1 | % | 22.9 | % | 26.3 | % | |||||||||||
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) | 2021 | 2020 | |||||||||
Deferred tax assets | |||||||||||
Allowance for loan losses | $ | 112,180 | $ | 165,691 | |||||||
Lease liability | 102,412 | 98,340 | |||||||||
Employee benefits and deferred compensation | 35,782 | 27,917 | |||||||||
Net operating loss carryforwards | 23,897 | 29,684 | |||||||||
Net unrealized losses on investment securities available for sale and cash flow hedges | 19,261 | — | |||||||||
Deferred revenue | 18,487 | 24,751 | |||||||||
Tax credit carryforwards | 15,870 | 8,605 | |||||||||
Fair value of investment securities and loans | 6,439 | 10,093 | |||||||||
Non-performing loan interest | 2,621 | 12,472 | |||||||||
Other | 7,100 | 9,819 | |||||||||
Total gross deferred tax assets | 344,049 | 387,372 | |||||||||
Less valuation allowance | (19,003) | (19,191) | |||||||||
Total deferred tax assets | 325,046 | 368,181 | |||||||||
Deferred tax liabilities | |||||||||||
Right-of-use asset | (98,773) | (98,681) | |||||||||
Excess tax over financial statement depreciation | (27,355) | (40,452) | |||||||||
Purchase accounting intangibles | (14,820) | (14,458) | |||||||||
Other properties held for sale | (5,345) | (3,025) | |||||||||
Prepaid expense | (4,631) | (5,955) | |||||||||
Net unrealized gains on investment securities available for sale and cash flow hedges | — | (64,344) | |||||||||
Other | (5,071) | (10,418) | |||||||||
Total gross deferred tax liabilities | (155,995) | (237,333) | |||||||||
Net deferred tax assets | $ | 169,051 | $ | 130,848 | |||||||
Tax Carryforwards | As of December 31, 2019 | Tax Carryforwards | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset Balance, Gross | Valuation Allowance | Net Deferred Tax Asset Balance | Pre-Tax Earnings Necessary to Realize(1) | (in thousands) | Expiration Dates | Deferred Tax Asset, Before Valuation Allowance | Valuation Allowance | Net Deferred Tax Asset Balance | ||||||||||||||||||||||||||||||
Net operating losses - federal | 2029-2032 | $ | 19,902 | $ | (15,852 | ) | $ | 4,050 | $ | 19,286 | Net operating losses - federal | 2027-2033 | $ | 19,592 | $ | (15,851) | $ | 3,741 | ||||||||||||||||||||||
Net operating losses - states | 2023-2028 | 558 | — | 558 | 379,402 | Net operating losses - states | 2023-2034 | 4,305 | (3,152) | 1,153 | ||||||||||||||||||||||||||||||
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 | Other credits - states | 2022-2031 | 15,870 | — | 15,870 | ||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Balance at January 1, | $ | 20,250 | $ | 20,994 | $ | 18,586 | |||||||||||
Additions based on income tax positions related to current year | 3,754 | 461 | 550 | ||||||||||||||
Additions for income tax positions of prior years(1) | 1,379 | 147 | — | ||||||||||||||
Additions from acquisition | — | — | 3,464 | ||||||||||||||
Reductions for income tax positions of prior years | (200) | (327) | (1,589) | ||||||||||||||
Statute of limitation expirations | (79) | (820) | (17) | ||||||||||||||
Settlements | — | (205) | — | ||||||||||||||
Balance at December 31, | $ | 25,104 | $ | 20,250 | $ | 20,994 | |||||||||||
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, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 808,700 | $ | 557,943 | $ | 79,173 | $ | 87,131 | $ | 1,532,947 | |||||||||||||||||||||||||||
Non-interest income | 136,657 | 28,948 | 154,166 | 36,129 | 355,900 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 128,026 | 34,590 | 211,002 | 76,448 | 450,066 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 302,327 | 71,393 | 152,115 | 573,133 | 1,098,968 | Non-interest expense | 290,817 | 90,074 | 184,257 | 534,756 | 1,099,904 | |||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 659,549 | $ | 475,588 | $ | 114,482 | $ | (396,884 | ) | $ | 852,735 | Pre-provision net revenue | $ | 645,909 | $ | 502,459 | $ | 105,918 | $ | (371,177) | $ | 883,109 | ||||||||||||||||||||||||||
Fourth Quarter (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 854,021 | $ | 548,152 | $ | 79,362 | $ | 31,213 | $ | 1,512,748 | |||||||||||||||||||||||||||
Non-interest income | 34,686 | 7,161 | 42,293 | 13,815 | 97,955 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 111,256 | 26,379 | 224,620 | 144,258 | 506,513 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 77,187 | 16,252 | 40,976 | 131,707 | 266,122 | Non-interest expense | 297,071 | 85,250 | 232,222 | 565,031 | 1,179,574 | |||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 157,269 | $ | 120,701 | $ | 27,323 | $ | (74,191 | ) | $ | 231,102 | Pre-provision net revenue | $ | 668,206 | $ | 489,281 | $ | 71,760 | $ | (389,560) | $ | 839,687 | ||||||||||||||||||||||||||
Third Quarter Proforma (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 | $ | 203,197 | $ | 133,773 | $ | 26,582 | $ | 38,545 | $ | 402,097 | Net interest income | $ | 825,219 | $ | 518,033 | $ | 112,431 | $ | 140,120 | $ | 1,595,803 | |||||||||||||||||||||||||||
Non-interest income | 35,145 | 7,092 | 40,966 | 5,557 | 88,760 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest revenue | Non-interest revenue | 136,657 | 28,948 | 154,166 | 36,129 | 355,900 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 76,414 | 25,413 | 40,413 | 134,070 | 276,310 | Non-interest expense | 302,327 | 71,393 | 152,115 | 573,133 | 1,098,968 | |||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 161,928 | $ | 115,452 | $ | 27,135 | $ | (89,968 | ) | $ | 214,547 | Pre-provision net revenue | $ | 659,549 | $ | 475,588 | $ | 114,482 | $ | (396,884) | $ | 852,735 | ||||||||||||||||||||||||||
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, 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 10,791,343 | $ | 21,496,050 | $ | 4,994,494 | $ | 2,030,071 | $ | 39,311,958 | ||||||||||||||||||||||
Deposits | $ | 32,226,477 | $ | 12,370,554 | $ | 826,639 | $ | 4,003,606 | $ | 49,427,276 | ||||||||||||||||||||||
Full-time equivalent employees | 2,139 | 284 | 794 | 1,670 | 4,887 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 11,171,055 | $ | 18,810,729 | $ | 5,370,748 | $ | 2,900,452 | $ | 38,252,984 | ||||||||||||||||||||||
Deposits | $ | 29,141,242 | $ | 11,958,105 | $ | 739,200 | $ | 4,853,024 | $ | 46,691,571 | ||||||||||||||||||||||
Full-time equivalent employees | 2,296 | 285 | 835 | 1,718 | 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 | ||||||||||||||
Condensed Balance Sheets | |||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Assets | |||||||||||
Cash due from bank subsidiary | $ | 389,071 | $ | 439,352 | |||||||
Funds due from other depository institutions | 9,277 | 9,277 | |||||||||
Total cash, cash equivalents, and restricted cash | 398,348 | 448,629 | |||||||||
Investment in consolidated bank subsidiary, at equity | 5,381,311 | 5,239,849 | |||||||||
Investment in consolidated nonbank subsidiaries, at equity | 69,712 | 46,271 | |||||||||
Note receivable from bank subsidiary | 100,000 | 100,000 | |||||||||
Other assets | 25,538 | 16,975 | |||||||||
Total assets | $ | 5,974,909 | $ | 5,851,724 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Liabilities: | |||||||||||
Long-term debt | $ | 607,334 | $ | 606,406 | |||||||
Other liabilities | 70,775 | 83,984 | |||||||||
Total liabilities | 678,109 | 690,390 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | 537,145 | 537,145 | |||||||||
Common stock | 169,384 | 168,133 | |||||||||
Additional paid-in capital | 3,894,109 | 3,851,208 | |||||||||
Treasury stock | (931,497) | (731,806) | |||||||||
Accumulated other comprehensive income (loss), net | (82,321) | 158,635 | |||||||||
Retained earnings | 1,709,980 | 1,178,019 | |||||||||
Total shareholders’ equity | 5,296,800 | 5,161,334 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,974,909 | $ | 5,851,724 | |||||||
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) | 2021 | 2020 | 2019 | ||||||||||||||
Income | |||||||||||||||||
Cash dividends received from subsidiaries | $ | 420,000 | $ | 547,500 | $ | 400,000 | |||||||||||
Interest income | 777 | 3,341 | 5,920 | ||||||||||||||
Other income (loss) | 1,070 | 4,966 | 11,590 | ||||||||||||||
Total income | 421,847 | 555,807 | 417,510 | ||||||||||||||
Expense | |||||||||||||||||
Interest expense | 27,616 | 42,911 | 41,328 | ||||||||||||||
Other expense | 10,300 | 10,584 | 13,528 | ||||||||||||||
Total expense | 37,916 | 53,495 | 54,856 | ||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 383,931 | 502,312 | 362,654 | ||||||||||||||
Allocated income tax benefit | (7,834) | (12,202) | (9,753) | ||||||||||||||
Income before equity in undistributed income of subsidiaries | 391,765 | 514,514 | 372,407 | ||||||||||||||
Equity in undistributed income (loss) of subsidiaries | 368,702 | (140,819) | 191,373 | ||||||||||||||
Net income | 760,467 | 373,695 | 563,780 | ||||||||||||||
Dividends on preferred stock | 33,163 | 33,163 | 22,881 | ||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | |||||||||||
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 | |||||
123 |
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 | |||||
/s/ | /s/ Andrew J. Gregory, Jr. | |||||||
Andrew J. Gregory, Jr. | ||||||||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | ||||||||
4.2 | |||||||||
4.3 | |||||||||
4.4 | |||||||||
4.5 | |||||||||
4.6 | |||||||||
4.8 | |||||||||
4.9 | |||||||||
4.10 | |||||||||
10.1 | |||||||||
Exhibit Number | Description | |||||||
10.3 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
Exhibit Number | Description | |||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 |
Exhibit Number | Description | |||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 | ||||||||
10.36 | ||||||||
Exhibit Number | Description | |||||||
10.43 | ||||||||
10.44 | ||||||||
10.45 | ||||||||
10.46 | ||||||||
10.47 | ||||||||
10.48 | ||||||||
10.49 | ||||||||
10.50 | ||||||||
21.1 | |||||||||
23.1 | |||||||||
24.1 | |||||||||
31.1 | |||||||||
31.2 | |||||||||
32 | |||||||||
101 | Interactive Data File | ||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and included in Exhibit 101). |
* | Indicates management contracts and compensatory plans and arrangements. |
SYNOVUS FINANCIAL CORP. | ||||||||||||||
Date: | By: | /s/ | ||||||||||||
Signature | Title | Date | ||||||||||||
/s/ Kevin S. Blair | President, Chief Executive Officer and Director | February 25, 2022 | ||||||||||||
Kevin S. Blair | (Principal Executive Officer) | |||||||||||||
/s/ Andrew J. Gregory, Jr. | Executive Vice President and Chief Financial Officer | February 25, 2022 | ||||||||||||
Andrew J. Gregory, Jr. | (Principal Financial Officer) | |||||||||||||
/s/ Jill K. Hurley | Chief Accounting Officer | February 25, 2022 | ||||||||||||
Jill K. Hurley | (Principal Accounting Officer) | |||||||||||||
/s/ Tim E. Bentsen | Director | February 25, 2022 | ||||||||||||
Tim E. Bentsen | ||||||||||||||
/s/ F. Dixon Brooke, Jr. | Director | |||||||||||||
F. Dixon Brooke, Jr. | ||||||||||||||
Stephen T. Butler | ||||||||||||||
/s/ Elizabeth W. Camp | Director | February 25, 2022 | ||||||||||||
Elizabeth W. Camp | ||||||||||||||
/s/ Pedro Cherry | Director | February 25, 2022 | ||||||||||||
Pedro Cherry |
Signature | Title | Date | ||||||||||||||
/s/ Diana M. Murphy | Director | February 25, 2022 | ||||||||||||||
Diana M. Murphy | ||||||||||||||||
/s/ Harris Pastides | Director | |||||||||||||||
Harris Pastides | ||||||||||||||||
/s/ Joseph J. Prochaska, Jr. | Director | |||||||||||||||
Joseph J. Prochaska, Jr. | ||||||||||||||||
/s/ John | Director | |||||||||||||||
John | ||||||||||||||||
/s/ Kessel D. Stelling | Executive Chairman of the Board | February 25, 2022 | ||||||||||||||
Kessel D. Stelling | ||||||||||||||||
/s/ Barry L. Storey | Director | |||||||||||||||
Barry L. Storey | ||||||||||||||||
/s/ Teresa White | Director | |||||||||||||||
Teresa White | ||||||||||||||||