Synovus Financial (SNV) 8-K Synovus Announces Earnings for the First Quarter 2019

Synovus										Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)
	(In thousands, except per share data)	2019			2018							First Quarter
		First Quarter			Fourth Quarter		Third Quarter	Second Quarter		First Quarter		'19 vs '18
												% Change
	Interest income	$	504,839		357,394		343,942	329,834		313,134		61.2	%
	Interest expense	107,664			59,461		52,323	45,257		38,850		177.1
	Net interest income	397,175			297,933		291,619	284,577		274,284		44.8
	Provision for loan losses	23,569			12,148		14,982	11,790		12,776		84.5
	Net interest income after provision for loan losses	373,606			285,785		276,637	272,787		261,508		42.9
	Non-interest income:
	Service charges on deposit accounts	20,859			20,320		20,582	19,999		19,940		4.6
	Fiduciary and asset management fees	13,578			13,805		13,462	13,983		13,435		1.1
	Card fees	10,877			10,862		10,608	10,833		10,199		6.6
	Brokerage revenue	9,406			9,643		9,329	8,900		8,695		8.2
	Mortgage banking income	5,054			3,781		5,290	4,839		5,047		0.1
	Income from bank-owned life insurance	5,290			3,682		3,771	3,733		4,217		25.4
	Swap fee income	4,778			1,128		516	1,003		690		nm
	Investment securities gains/(losses), net	75			—		—	(1,296	)	—		nm
	Increase/(decrease) in fair value of private equity investments, net	858			(2,084	)	434	(37	)	(3,056	)	nm
	Other non-interest income	8,603			6,854		7,676	11,430		7,879		9.2
	Total non-interest income	79,378			67,991		71,668	73,387		67,046		18.4
	Non-interest expense:
	Salaries and other personnel expense	139,427			113,496		114,341	111,863		113,720		22.6
	Net occupancy and equipment expense	38,394			34,260		32,088	32,654		31,480		22.0
	Third-party processing expense	17,758			14,803		14,810	15,067		13,945		27.3
	FDIC insurance and other regulatory fees	6,761			4,728		6,430	6,543		6,793		(0.5	)
	Professional fees	6,348			8,650		6,298	6,284		5,505		15.3
	Advertising expense	5,123			6,834		3,735	5,220		5,092		0.6
	Earnout liability adjustments	—			—		11,652	—		—		nm
	Merger-related expense	49,738			3,381		6,684	—		—		nm
	Amortization of intangibles	3,392			292		292	292		292		nm
	Other operating expenses	25,469			23,478		23,967	26,134		18,352		38.8
	Total non-interest expense	292,410			209,922		220,297	204,057		195,179		49.8
	Income before income taxes	160,574			143,854		128,008	142,117		133,375		20.4
	Income tax expense	40,388			38,784		18,949	30,936		30,209		33.7
	Net income	120,186			105,070		109,059	111,181		103,166		16.5
	Less: Preferred stock dividends and redemption charge	3,150			3,151		9,729	2,559		2,559		23.1
	Net income available to common shareholders	$	117,036		101,919		99,330	108,622		100,607		16.3
	Net income per common share, basic	$	0.73		0.88		0.85	0.92		0.85		(14.2	)%
	Net income per common share, diluted	0.72			0.87		0.84	0.91		0.84		(14.7	)
	Cash dividends declared per common share	0.30			0.25		0.25	0.25		0.25		20.0
	Return on average assets *	1.06		%	1.29		1.36	1.42		1.34		(28	)bps
	Return on average common equity *	10.98			14.25		13.95	15.39		14.62		(364	)
	Weighted average common shares outstanding, basic	160,927			116,303		117,241	118,397		118,666		35.6	%
	Weighted average common shares outstanding, diluted	162,760			116,986		118,095	119,139		119,321		36.4
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	March 31, 2019			December 31, 2018		March 31, 2018
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	519,681		468,426		348,027
	Interest-bearing funds with Federal Reserve Bank	688,470			641,476		636,947
	Interest earning deposits with banks	24,147			19,841		16,851
	Federal funds sold and securities purchased under resale agreements	33,627			13,821		57,192
	Cash and cash equivalents	1,265,925			1,143,564		1,059,017
	Mortgage loans held for sale, at fair value	55,970			37,129		50,439
	Investment securities available for sale, at fair value	6,808,191			3,991,632		3,990,978
	Loans	35,634,501			25,946,573		24,883,037
	Allowance for loan losses	(257,036		)	(250,555	)	(257,764	)
	Loans, net	35,377,465			25,696,018		24,625,273
	Cash surrender value of bank-owned life insurance	761,098			554,134		543,684
	Premises and equipment, net	479,965			434,307		424,342
	Goodwill	480,215			57,315		57,315
	Other intangible assets	74,683			9,875		10,750
	Other assets	1,300,832			745,218		739,230
	Total assets	$	46,604,344		32,669,192		31,501,028
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	9,144,315		7,650,967		7,381,070
	Interest-bearing deposits	28,930,875			19,069,355		18,872,437
	Total deposits	38,075,190			26,720,322		26,253,507
	Federal funds purchased and securities sold under repurchase agreements	314,383			237,692		185,531
	Other short-term borrowings	853,000			650,000		—
	Long-term debt	2,106,037			1,657,157		1,856,392
	Other liabilities	683,662			270,419		249,103
	Total liabilities	42,032,272			29,535,590		28,544,533
	Shareholders' equity:
	Series C Preferred Stock - no par value; 5,200,000 outstanding at March 31, 2018	—			—		125,980
	Series D Preferred Stock - no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at March 31, 2019 and December 31, 2018	195,140			195,140		—
	Common stock - $1.00 par value. Authorized 342,857,143 shares; 165,929,349 issued at March 31, 2019, 143,300,449 issued at December 31, 2018, and 143,017,301 issued at March 31, 2018; 157,454,007 outstanding at March 31, 2019, 115,865,510 outstanding at December 31, 2018, and 118,702,497 outstanding at March 31, 2018	165,929			143,300		143,017
	Additional paid-in capital	3,782,847			3,060,561		3,039,757
	Treasury stock, at cost – 8,475,342 shares at March 31, 2019, 27,434,939 shares at December 31, 2018, and 24,314,804 shares at March 31, 2018	(319,898		)	(1,014,746	)	(866,407	)
	Accumulated other comprehensive loss, net	(18,342		)	(94,420	)	(107,777	)
	Retained earnings	766,396			843,767		621,925
	Total shareholders’ equity	4,572,072			3,133,602		2,956,495
	Total liabilities and shareholders' equity	$	46,604,344		32,669,192		31,501,028

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)
	(Dollars in thousands)
		2019			2018
		First			Fourth		Third		Second		First
		Quarter			Quarter		Quarter		Quarter		Quarter
	Interest Earning Assets
	Taxable investment securities (2)	$	6,515,561		4,073,685		4,061,239		4,077,564		4,097,162
	Yield	3.05		%	2.45		2.38		2.34		2.34
	Tax-exempt investment securities(2)(4)	$	20,638		—		89		115		140
	Yield (taxable equivalent)	4.45		%	—		5.91		6.87		6.57
	Trading account assets(5)	$	2,049		7,493		16,646		23,772		8,167
	Yield	1.30		%	1.90		2.52		2.79		2.66
	Commercial loans(3)(4)	$	26,140,672		19,150,252		19,025,830		18,857,271		18,963,515
	Yield	5.16		%	5.13		4.98		4.85		4.64
	Consumer loans(3)	$	9,180,679		6,476,026		6,298,643		6,092,899		5,899,015
	Yield	5.10		%	4.85		4.80		4.76		4.71
	Allowance for loan losses	$	(252,815	)	(251,098	)	(251,684	)	(257,966	)	(251,635	)
	Loans, net(3)	$	35,068,536		25,375,180		25,072,789		24,692,204		24,610,895
	Yield	5.17		%	5.11		4.99		4.88		4.70
	Mortgage loans held for sale	$	34,913		36,477		49,030		50,366		38,360
	Yield	4.48		%	4.79		4.71		4.42		3.95
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	679,477		641,832		544,704		724,537		516,575
	Yield	2.45		%	2.20		1.90		1.77		1.48
	Federal Home Loan Bank and Federal Reserve Bank Stock(5)	$	211,408		162,369		163,568		165,845		177,381
	Yield	4.82		%	4.31		4.41		4.63		3.39
	Total interest earning assets	$	42,532,582		30,297,036		29,908,065		29,734,403		29,448,680
	Yield	4.80		%	4.69		4.58		4.47		4.31
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	6,393,304		4,692,804		4,701,204		5,001,826		5,032,000
	Rate	0.68		%	0.41		0.38		0.35		0.31
	Money Market accounts	$	10,244,556		8,050,732		7,936,621		7,791,107		7,561,554
	Rate	1.18		%	0.89		0.72		0.55		0.43
	Savings deposits	$	901,059		815,588		824,935		829,800		811,587
	Rate	0.06		%	0.04		0.03		0.03		0.03
	Time deposits under $100,000	$	2,238,568		1,242,811		1,205,987		1,161,890		1,143,780
	Rate	1.24		%	1.16		0.99		0.82		0.71
	Time deposits over $100,000	$	6,211,067		2,478,649		2,273,582		2,021,084		1,895,545
	Rate	1.60		%	1.67		1.46		1.22		1.02
	Non-maturing brokered deposits	$	937,629		349,480		358,277		262,976		424,118
	Rate	2.60		%	2.46		2.10		1.94		1.14
	Brokered time deposits	$	1,845,819		1,275,276		1,414,700		1,659,941		1,527,793
	Rate	2.13		%	2.03		1.94		1.85		1.75
	Total interest-bearing deposits	$	28,772,002		18,905,340		18,715,306		18,728,624		18,396,377
	Rate	1.24		%	0.96		0.83		0.70		0.58
	Federal funds purchased and securities sold under repurchase agreements	$	233,076		194,370		230,504		207,655		202,226
	Rate	0.22		%	0.18		0.25		0.35		0.21
	Other short-term borrowings	$	517,456		112,228		146,794		3,024		394,056
	Rate	2.58		%	2.51		2.12		2.84		1.52
	Long-term debt	$	1,983,910		1,657,022		1,656,743		1,852,094		1,733,938
	Rate	3.33		%	3.06		2.87		2.66		2.51
	Total interest-bearing liabilities	$	31,506,444		20,868,960		20,749,347		20,791,397		20,726,597
	Rate	1.38		%	1.12		0.99		0.87		0.76
	Non-interest-bearing demand deposits	$	9,054,949		8,014,761		7,672,006		7,539,451		7,391,695
	Cost of funds	1.07		%	0.81		0.73		0.64		0.56
	Net interest margin	3.78		%	3.92		3.89		3.86		3.78
	Taxable equivalent adjustment	$	630		181		136		120		116
	(1) Yields and rates are annualized.
	(2) Excludes net unrealized gains and losses.
	(3) Average loans are shown net of unearned income. Non-performing loans are included.
	(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
	(5) Included as a component of other assets on the consolidated balance sheet.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans			Total Originated Loans		Total Acquired Loans (1)	Total Loans		Linked Quarter		Total Loans				Year/Year
Loan Type	March 31, 2019			March 31, 2019		March 31, 2019	December 31, 2018		% Change		March 31, 2018				% Change
Commercial, Financial, and Agricultural	$	9,547,816		7,661,252		1,886,564	7,449,698		28.2	%	$	7,191,531			32.8	%
Owner-Occupied	6,560,681			5,375,678		1,185,003	5,331,508		23.1		4,910,386				33.6
Total Commercial & Industrial	16,108,497			13,036,930		3,071,567	12,781,206		26.0		12,101,917				33.1
Multi-Family	2,077,666			1,242,076		835,590	1,208,033		72.0		1,479,573				40.4
Hotels	1,179,395			704,057		475,338	704,319		67.5		751,232				57.0
Office Buildings	2,211,901			1,498,491		713,410	1,451,048		52.4		1,464,473				51.0
Shopping Centers	1,654,531			870,231		784,300	808,540		104.6		782,580				111.4
Warehouses	771,007			585,699		185,308	627,353		22.9		583,645				32.1
Other Investment Property	1,022,280			820,391		201,889	761,658		34.2		557,547				83.4
Total Investment Properties	8,916,780			5,720,945		3,195,835	5,560,951		60.3		5,619,050				58.7
1-4 Family Construction	215,881			172,631		43,250	174,259		23.9		188,939				14.3
1-4 Family Investment Mortgage	549,120			485,168		63,952	505,611		8.6		569,965				(3.7	)
Total 1-4 Family Properties	765,001			657,799		107,202	679,870		12.5		758,904				0.8
Commercial Development	149,944			70,576		79,368	60,675		147.1		65,371				129.4
Residential Development	211,501			116,942		94,559	93,166		127.0		104,137				103.1
Land Acquisition	219,146			155,669		63,477	169,829		29.0		288,265				(24.0	)
Land and Development	580,591			343,187		237,404	323,670		79.4		457,773				26.8
Total Commercial Real Estate	10,262,372			6,721,931		3,540,441	6,564,491		56.3		6,835,727				50.1
Consumer Mortgages	5,390,821			3,044,207		2,346,614	2,934,235		83.7		2,663,371				102.4
Home Equity Lines	1,606,227			1,540,726		65,501	1,515,796		6.0		1,472,471				9.1
Credit Cards	252,762			252,762		—	258,245		(2.1	)	226,713				11.5
Other Consumer Loans	2,037,477			2,023,693		13,784	1,916,743		6.3		1,606,799				26.8
Total Consumer	9,287,287			6,861,388		2,425,899	6,625,019		40.2		5,969,354				55.6
Unearned Income	(23,655		)	(23,655	)	—	(24,143	)	(2.0	)	(23,961		)		(1.3	)
Total	$	35,634,501		26,596,594		9,037,907	25,946,573		37.3	%	$	24,883,037			43.2	%
(1) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans			Total Originated Non-performing Loans		Total Acquired Non-performing Loans(1) (2)	Total Non-performing Loans		Linked Quarter		Total Non-performing Loans				Year/Year
Loan Type	March 31, 2019			March 31, 2019		March 31, 2019	December 31, 2018		% Change		March 31, 2018				% Change
Commercial, Financial, and Agricultural	$	85,917		79,305		6,612	69,295		24.0	%	$	81,606			5.3	%
Owner-Occupied	13,813			11,239		2,574	8,971		54.0		4,067				239.6
Total Commercial & Industrial	99,730			90,544		9,186	78,266		27.4		85,673				16.4
Multi-Family	1,503			—		1,503	237		534.2		1,028				46.2
Hotels	7,346			—		7,346	—		nm		—				nm
Office Buildings	221			112		109	165		33.9		1,272				(82.6	)
Shopping Centers	676			614		62	89		659.6		89				659.6
Warehouses	—			—		—	—		-		—				-
Other Investment Property	—			—		—	1,890		nm		541				nm
Total Investment Properties	9,746			726		9,020	2,381		309.3		2,930				232.6
1-4 Family Construction	445			445		—	—		nm		—				nm
1-4 Family Investment Mortgage	1,522			1,277		245	2,381		(36.1	)	2,634				(42.2	)
Total 1-4 Family Properties	1,967			1,722		245	2,381		(17.4	)	2,634				(25.3	)
Commercial Development	46			46		—	93		(50.5	)	44			��	4.5
Residential Development	1,569			1,569		—	1,444		8.7		3,219				(51.3	)
Land Acquisition	1,035			1,035		—	1,416		(26.9	)	1,311				(21.1	)
Land and Development	2,650			2,650		—	2,953		(10.3	)	4,574				(42.1	)
Total Commercial Real Estate	14,363			5,098		9,265	7,715		86.2		10,138				41.7
Consumer Mortgages	11,556			6,856		4,700	4,949		133.5		7,708				49.9
Home Equity Lines	14,078			13,756		322	12,114		16.2		14,868				(5.3	)
Other Consumer Loans	4,249			4,249		—	3,689		15.2		1,694				150.8
Total Consumer	29,883			24,861		5,022	20,752		44.0		24,270				23.1
Total	$	143,976		120,503		23,473	106,733		34.9	%	$	120,081			19.9	%
(1) Represents loans acquired from FCB and designated as non-accrual, net of payments since acquisition date
(2) For purposes of this table, March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2019			2018				First Quarter
		First			Fourth	Third	Second	First	'19 vs '18
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (1)	143,976			106,733	108,425	117,328	120,081	19.9	%
	Impaired Loans Held for Sale (2)	12			1,506	12	2,733	6,591	(99.8	)%
	Other Real Estate	11,329			6,220	8,542	6,288	4,496	152.0
	Non-performing Assets (1)	155,317			114,459	116,979	126,349	131,168	18.4
	Allowance for loan losses	257,036			250,555	241,450	251,725	257,764	(0.3	)
	Net Charge-Offs - Quarter	17,088			13,044	15,257	17,829	4,280
	Net Charge-Offs / Average Loans - Quarter (3)	0.19		%	0.20	0.24	0.29	0.07
	Non-performing Loans / Loans (1)	0.40			0.41	0.42	0.47	0.48
	Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE (1)	0.44			0.44	0.46	0.50	0.53
	Allowance / Loans	0.72			0.97	0.98	1.00	1.04
	Allowance / Non-performing Loans (1)	178.53			234.75	231.91	214.55	214.66
	Allowance / Non-performing Loans excluding loans for which the expected loss has been charged off (1)	230.29			297.68	288.21	262.99	241.49
	Past Due Loans over 90 days and Still Accruing (1)	$	4,486		3,798	4,856	3,222	5,416	(17.2	)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.02	0.01	0.02
	Total Past Due Loans and Still Accruing (1)	$	88,135		56,927	78,323	55,614	54,150	62.8
	As a Percentage of Loans Outstanding	0.25		%	0.22	0.31	0.22	0.22
	Accruing Troubled Debt Restructurings (TDRs)	$	112,205		115,588	114,740	125,310	129,394	(13.3	)
	(1) For purposes of this table, March 31, 2019 non-performing loans and past due loans over 90 days exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
	(2) Represent impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
	(3) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		March 31, 2019			December 31, 2018	March 31, 2018
	Tier 1 Capital	$	3,967,822		3,090,416	2,924,109
	Total Risk-Based Capital	4,785,928			3,601,376	3,442,921
	Common Equity Tier 1 Ratio (transitional)	9.44		%	9.95	10.13
	Common Equity Tier 1 Ratio (fully phased-in) (5)	9.41			9.92	10.03
	Tier 1 Capital Ratio	9.93			10.61	10.53
	Total Risk-Based Capital Ratio	11.98			12.37	12.39
	Tier 1 Leverage Ratio	8.77			9.60	9.37
	Common Equity as a Percentage of Total Assets (2)	9.39			8.99	8.98
	Tangible Common Equity as a Percentage of Tangible Assets (3) (5)	8.30			8.81	8.79
	Book Value Per Common Share (4)	$	27.80		25.36	23.85
	Tangible Book Value Per Common Share (3)	24.27			24.78	23.27
	(1) Current quarter regulatory capital information is preliminary.
	(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
	(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.