Synovus | Exhibit 99.2 | |||||||||||
INCOME STATEMENT DATA | ||||||||||||
(Unaudited) | Nine Months Ended | |||||||||||
(Dollars in thousands, except per share data) | September 30, | |||||||||||
2019 | 2018 | % Change | ||||||||||
Interest income | $ | 1,544,385 | $ | 986,911 | 56.5 | % | ||||||
Interest expense | 347,850 | 136,431 | 155.0 | |||||||||
Net interest income | 1,196,535 | 850,480 | 40.7 | |||||||||
Provision for loan losses | 63,250 | 39,548 | 59.9 | |||||||||
Net interest income after provision for loan losses | 1,133,285 | 810,932 | 39.8 | |||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 65,805 | 60,521 | 8.7 | |||||||||
Fiduciary and asset management fees | 42,743 | 40,881 | 4.6 | |||||||||
Card fees | 34,334 | 31,640 | 8.5 | |||||||||
Brokerage revenue | 30,502 | 26,125 | 16.8 | |||||||||
Mortgage banking income | 23,313 | 15,177 | 53.6 | |||||||||
Capital markets income | 21,557 | 3,826 | 463.4 | |||||||||
Income from bank-owned life insurance | 15,605 | 11,720 | 33.1 | |||||||||
Investment securities losses, net | (5,502 | ) | (1,296 | ) | nm | |||||||
Gain on sale and fair value increase/(decrease) of private equity investments | 3,507 | (2,659 | ) | nm | ||||||||
Other non-interest income | 26,081 | 26,166 | (0.3 | ) | ||||||||
Total non-interest income | 257,945 | 212,101 | 21.6 | |||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 424,952 | 339,924 | 25.0 | |||||||||
Net occupancy and equipment expense | 119,262 | 96,222 | 23.9 | |||||||||
Third-party processing expense | 55,403 | 43,822 | 26.4 | |||||||||
Professional fees | 25,379 | 18,087 | 40.3 | |||||||||
FDIC insurance and other regulatory fees | 21,872 | 19,765 | 10.7 | |||||||||
Advertising expense | 16,996 | 14,046 | 21.0 | |||||||||
Amortization of intangibles | 8,702 | 875 | nm | |||||||||
Merger-related expense | 57,493 | 6,684 | nm | |||||||||
Earnout liability adjustments | 10,457 | 11,652 | (10.3 | ) | ||||||||
Loss on early extinguishment of debt, net | 4,592 | — | nm | |||||||||
Valuation adjustment to Visa derivative | 2,500 | 2,328 | 7.4 | |||||||||
Other operating expenses | 85,239 | 66,126 | 28.9 | |||||||||
Total non-interest expense | 832,847 | 619,531 | 34.4 | |||||||||
Income before income taxes | 558,383 | 403,502 | 38.4 | |||||||||
Income tax expense | 146,287 | 80,095 | 82.6 | |||||||||
Net income | 412,096 | 323,407 | 27.4 | |||||||||
Less: Preferred stock dividends and redemption charge | 14,591 | 14,848 | (1.7 | ) | ||||||||
Net income available to common shareholders | $ | 397,505 | $ | 308,559 | 28.8 | % | ||||||
Net income per common share, basic | 2.53 | 2.61 | (3.0 | )% | ||||||||
Net income per common share, diluted | 2.51 | 2.60 | (3.5 | ) | ||||||||
Cash dividends declared per common share | 0.90 | 0.75 | 20.0 | |||||||||
Return on average assets* | 1.18 | % | 1.37 | (19 | )bps | |||||||
Return on average common equity* | 12.09 | 14.65 | (256 | ) | ||||||||
Weighted average common shares outstanding, basic | 156,819 | 118,096 | 32.8 | % | ||||||||
Weighted average common shares outstanding, diluted | 158,595 | 118,847 | 33.4 | |||||||||
nm - not meaningful | ||||||||||||
bps - basis points | ||||||||||||
* - ratios are annualized |
Synovus | |||||||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share data) | 2019 | 2018 | Third Quarter | ||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | '19 vs '18 | ||||||||||||||
% Change | |||||||||||||||||||
Interest income | $ | 523,415 | 516,131 | 504,839 | 357,394 | 343,942 | 52.2 | % | |||||||||||
Interest expense | 121,318 | 118,869 | 107,664 | 59,461 | 52,323 | 131.9 | |||||||||||||
Net interest income | 402,097 | 397,262 | 397,175 | 297,933 | 291,619 | 37.9 | |||||||||||||
Provision for loan losses | 27,562 | 12,119 | 23,569 | 12,148 | 14,982 | 84.0 | |||||||||||||
Net interest income after provision for loan losses | 374,535 | 385,143 | 373,606 | 285,785 | 276,637 | 35.4 | |||||||||||||
Non-interest income: | |||||||||||||||||||
Service charges on deposit accounts | 22,952 | 21,994 | 20,859 | 20,320 | 20,582 | 11.5 | |||||||||||||
Fiduciary and asset management fees | 14,686 | 14,478 | 13,578 | 13,805 | 13,462 | 9.1 | |||||||||||||
Card fees | 12,297 | 11,161 | 10,877 | 10,862 | 10,608 | 15.9 | |||||||||||||
Brokerage revenue | 11,071 | 10,052 | 9,379 | 9,241 | 9,041 | 22.5 | |||||||||||||
Mortgage banking income | 10,351 | 7,907 | 5,054 | 3,781 | 5,290 | 95.7 | |||||||||||||
Capital markets income | 7,396 | 8,916 | 5,245 | 1,977 | 1,155 | 540.3 | |||||||||||||
Income from bank-owned life insurance | 5,139 | 5,176 | 5,290 | 3,682 | 3,771 | 36.3 | |||||||||||||
Investment securities (losses)/gains, net | (3,731 | ) | (1,845 | ) | 75 | — | — | nm | |||||||||||
Gain on sale and fair value increase/(decrease) of private equity investments | 1,194 | 1,455 | 858 | (2,084 | ) | 434 | nm | ||||||||||||
Other non-interest income | 7,405 | 10,513 | 8,163 | 6,407 | 7,325 | 1.1 | |||||||||||||
Total non-interest income | 88,760 | 89,807 | 79,378 | 67,991 | 71,668 | 23.8 | |||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and other personnel expense | 142,516 | 143,009 | 139,427 | 113,496 | 114,341 | 24.6 | |||||||||||||
Net occupancy and equipment expense | 41,017 | 39,851 | 38,394 | 34,260 | 32,088 | 27.8 | |||||||||||||
Third-party processing expense | 18,528 | 19,118 | 17,758 | 14,803 | 14,810 | 25.1 | |||||||||||||
Professional Fees | 9,719 | 9,312 | 6,348 | 8,650 | 6,298 | 54.3 | |||||||||||||
FDIC insurance and other regulatory fees | 7,242 | 7,867 | 6,761 | 4,728 | 6,430 | 12.6 | |||||||||||||
Advertising expense | 5,950 | 5,923 | 5,123 | 6,834 | 3,735 | 59.3 | |||||||||||||
Amortization of intangibles | 2,901 | 2,410 | 3,392 | 292 | 292 | nm | |||||||||||||
Merger-related expense | 353 | 7,401 | 49,738 | 3,381 | 6,684 | nm | |||||||||||||
Earnout liability adjustments | 10,457 | — | — | — | 11,652 | (10.3 | ) | ||||||||||||
Loss on early extinguishment of debt, net | 4,592 | — | — | — | — | nm | |||||||||||||
Valuation adjustment to Visa derivative | 2,500 | — | — | — | — | nm | |||||||||||||
Other operating expenses | 30,535 | 29,235 | 25,469 | 23,478 | 23,967 | 27.4 | |||||||||||||
Total non-interest expense | 276,310 | 264,126 | 292,410 | 209,922 | 220,297 | 25.4 | |||||||||||||
Income before income taxes | 186,985 | 210,824 | 160,574 | 143,854 | 128,008 | 46.1 | |||||||||||||
Income tax expense | 51,259 | 54,640 | 40,388 | 38,784 | 18,949 | 170.5 | |||||||||||||
Net income | 135,726 | 156,184 | 120,186 | 105,070 | 109,059 | 24.5 | |||||||||||||
Less: Preferred stock dividends and redemption charge | 8,291 | 3,150 | 3,150 | 3,151 | 9,729 | (14.8 | ) | ||||||||||||
Net income available to common shareholders | $ | 127,435 | 153,034 | 117,036 | 101,919 | 99,330 | 28.3 | ||||||||||||
Net income per common share, basic | $ | 0.84 | 0.97 | 0.73 | 0.88 | 0.85 | (1.2 | )% | |||||||||||
Net income per common share, diluted | 0.83 | 0.96 | 0.72 | 0.87 | 0.84 | (1.6 | ) | ||||||||||||
Cash dividends declared per common share | 0.30 | 0.30 | 0.30 | 0.25 | 0.25 | 20.0 | |||||||||||||
Return on average assets * | 1.14 | % | 1.34 | 1.06 | 1.29 | 1.36 | (22 | )bps | |||||||||||
Return on average common equity * | 11.36 | 13.90 | 10.98 | 14.25 | 13.95 | (259 | ) | ||||||||||||
Weighted average common shares outstanding, basic | 152,238 | 157,389 | 160,927 | 116,303 | 117,241 | 29.9 | % | ||||||||||||
Weighted average common shares outstanding, diluted | 154,043 | 159,077 | 162,760 | 116,986 | 118,095 | 30.4 | |||||||||||||
nm - not meaningful | |||||||||||||||||||
bps - basis points | |||||||||||||||||||
* - ratios are annualized |
Synovus | |||||||||||||
BALANCE SHEET DATA | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||
(Unaudited) | |||||||||||||
(In thousands, except share data) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 611,496 | $ | 468,426 | $ | 436,540 | |||||||
Interest-bearing funds with Federal Reserve Bank | 480,913 | 641,476 | 515,493 | ||||||||||
Interest earning deposits with banks | 20,086 | 19,841 | 34,470 | ||||||||||
Federal funds sold and securities purchased under resale agreements | 69,975 | 13,821 | 25,430 | ||||||||||
Cash and cash equivalents | 1,182,470 | 1,143,564 | 1,011,933 | ||||||||||
Investment securities available for sale, at fair value | 6,892,162 | 3,991,632 | 3,883,574 | ||||||||||
Mortgage loans held for sale, at fair value | 129,415 | 37,129 | 37,276 | ||||||||||
Loans | 36,417,826 | 25,946,573 | 25,577,116 | ||||||||||
Allowance for loan losses | (265,013 | ) | (250,555 | ) | (251,450 | ) | |||||||
Loans, net | 36,152,813 | 25,696,018 | 25,325,666 | ||||||||||
Cash surrender value of bank-owned life insurance | 771,458 | 554,134 | 551,061 | ||||||||||
Premises and equipment, net | 487,053 | 434,307 | 431,012 | ||||||||||
Goodwill | 487,865 | 57,315 | 57,315 | ||||||||||
Other intangible assets | 58,572 | 9,875 | 10,166 | ||||||||||
Other assets | 1,499,374 | 745,218 | 767,117 | ||||||||||
Total assets | $ | 47,661,182 | $ | 32,669,192 | $ | 32,075,120 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Liabilities: | |||||||||||||
Deposits: | |||||||||||||
Non-interest-bearing deposits | $ | 9,586,148 | $ | 7,650,967 | $ | 7,628,736 | |||||||
Interest-bearing deposits | 27,846,922 | 19,069,355 | 18,804,922 | ||||||||||
Total deposits | 37,433,070 | 26,720,322 | 26,433,658 | ||||||||||
Federal funds purchased and securities sold under repurchase agreements | 197,419 | 237,692 | 191,145 | ||||||||||
Other short-term borrowings | 2,233,593 | 650,000 | 478,540 | ||||||||||
Long-term debt | 2,153,600 | 1,657,157 | 1,656,909 | ||||||||||
Other liabilities | 774,662 | 270,419 | 274,795 | ||||||||||
Total liabilities | 42,792,344 | 29,535,590 | 29,035,047 | ||||||||||
Shareholders' equity: | |||||||||||||
Preferred stock - no par value. Authorized 100,000,000 shares; 22,000,000 shares issued and outstanding at September 30, 2019, 8,000,000 shares issued and outstanding at December 31, 2018 and September 30, 2018 | 536,550 | 195,140 | 195,138 | ||||||||||
Common stock - $1.00 par value. Authorized 342,857,143 shares; 166,201,048 issued at September 30, 2019, 143,300,449 issued at December 31, 2018, and 143,093,317 issued at September 30, 2018; 147,594,000 outstanding at September 30, 2019, 115,865,510 outstanding at December 31, 2018, and 116,714,463 outstanding at September 30, 2018 | 166,201 | 143,300 | 143,093 | ||||||||||
Additional paid-in capital | 3,801,158 | 3,060,561 | 3,049,233 | ||||||||||
Treasury stock, at cost – 18,607,048 shares at September 30, 2019, 27,434,939 shares at December 31, 2018, and 26,378,854 shares at September 30, 2018 | (680,081 | ) | (1,014,746 | ) | (974,478 | ) | |||||||
Accumulated other comprehensive income (loss), net | 75,933 | (94,420 | ) | (143,720 | ) | ||||||||
Retained earnings | 969,077 | 843,767 | 770,807 | ||||||||||
Total shareholders’ equity | 4,868,838 | 3,133,602 | 3,040,073 | ||||||||||
Total liabilities and shareholders' equity | $ | 47,661,182 | $ | 32,669,192 | $ | 32,075,120 |
Synovus | ||||||||||||||
AVERAGE BALANCES AND YIELDS/RATES (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
2019 | 2018 | |||||||||||||
Third | Second | First | Fourth | Third | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||
Interest Earning Assets | ||||||||||||||
Investment securities (2) (4) | $ | 6,831,036 | 6,955,386 | 6,536,199 | 4,073,685 | 4,061,328 | ||||||||
Yield | 3.14 | % | 3.03 | 3.06 | 2.45 | 2.39 | ||||||||
Trading account assets (5) | $ | 5,519 | 4,853 | 2,049 | 7,493 | 16,646 | ||||||||
Yield | 4.01 | % | 1.83 | 1.30 | 1.90 | 2.52 | ||||||||
Commercial loans (3) (4) | $ | 26,568,194 | 26,353,973 | 26,140,672 | 19,150,252 | 19,025,830 | ||||||||
Yield | 5.09 | % | 5.13 | 5.16 | 5.13 | 4.98 | ||||||||
Consumer loans (3) | $ | 9,633,603 | 9,423,427 | 9,180,679 | 6,476,026 | 6,298,643 | ||||||||
Yield | 5.08 | % | 5.17 | 5.10 | 4.85 | 4.80 | ||||||||
Allowance for loan losses | $ | (258,024 | ) | (259,284 | ) | (252,815 | ) | (251,098 | ) | (251,684 | ) | |||
Loans, net (3) | $ | 35,943,773 | 35,518,116 | 35,068,536 | 25,375,180 | 25,072,789 | ||||||||
Yield | 5.13 | % | 5.17 | 5.17 | 5.11 | 4.99 | ||||||||
Mortgage loans held for sale | $ | 99,556 | 70,497 | 34,913 | 36,477 | 49,030 | ||||||||
Yield | 3.93 | % | 4.27 | 4.48 | 4.79 | 4.71 | ||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 513,160 | 511,488 | 679,477 | 641,832 | 544,704 | ||||||||
Yield | 2.08 | % | 2.37 | 2.45 | 2.20 | 1.90 | ||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock (5) | $ | 254,994 | 234,949 | 211,408 | 162,369 | 163,568 | ||||||||
Yield | 3.85 | % | 3.29 | 4.82 | 4.31 | 4.41 | ||||||||
Total interest earning assets | $ | 43,648,038 | 43,295,289 | 42,532,582 | 30,297,036 | 29,908,065 | ||||||||
Yield | 4.78 | % | 4.79 | 4.80 | 4.69 | 4.58 | ||||||||
Interest-Bearing Liabilities | ||||||||||||||
Interest-bearing demand deposits | $ | 6,138,810 | 6,335,953 | 6,393,304 | 4,692,804 | 4,701,204 | ||||||||
Rate | 0.69 | % | 0.71 | 0.68 | 0.41 | 0.38 | ||||||||
Money Market accounts | $ | 10,138,783 | 10,024,836 | 10,244,556 | 8,050,732 | 7,936,621 | ||||||||
Rate | 1.26 | % | 1.23 | 1.18 | 0.89 | 0.72 | ||||||||
Savings deposits | $ | 900,366 | 904,183 | 901,059 | 815,588 | 824,935 | ||||||||
Rate | 0.05 | % | 0.05 | 0.06 | 0.04 | 0.03 | ||||||||
Time deposits under $100,000 | $ | 2,100,492 | 2,245,878 | 2,238,568 | 1,242,811 | 1,205,987 | ||||||||
Rate | 1.39 | % | 1.39 | 1.24 | 1.16 | 0.99 | ||||||||
Time deposits over $100,000 | $ | 5,957,691 | 6,331,665 | 6,211,067 | 2,478,649 | 2,273,582 | ||||||||
Rate | 1.69 | % | 1.70 | 1.60 | 1.67 | 1.46 | ||||||||
Non-maturing brokered deposits | $ | 993,078 | 766,718 | 937,629 | 349,480 | 358,277 | ||||||||
Rate | 2.47 | % | 2.46 | 2.60 | 2.46 | 2.10 | ||||||||
Brokered time deposits | $ | 2,119,149 | 1,985,589 | 1,845,819 | 1,275,276 | 1,414,700 | ||||||||
Rate | 2.27 | % | 2.28 | 2.13 | 2.03 | 1.94 | ||||||||
Total interest-bearing deposits | $ | 28,348,369 | 28,594,822 | 28,772,002 | 18,905,340 | 18,715,306 | ||||||||
Rate | 1.32 | % | 1.30 | 1.24 | 0.96 | 0.83 | ||||||||
Federal funds purchased and securities sold under repurchase agreements | $ | 221,045 | 300,168 | 233,076 | 194,370 | 230,504 | ||||||||
Rate | 0.22 | % | 0.20 | 0.22 | 0.18 | 0.25 | ||||||||
Other short-term borrowings | $ | 1,307,370 | 1,090,581 | 517,456 | 112,228 | 146,794 | ||||||||
Rate | 2.31 | % | 2.59 | 2.58 | 2.51 | 2.12 | ||||||||
Long-term debt | $ | 2,286,221 | 2,114,819 | 1,983,910 | 1,657,022 | 1,656,743 | ||||||||
Rate | 3.32 | % | 3.53 | 3.33 | 3.06 | 2.87 | ||||||||
Total interest-bearing liabilities | $ | 32,163,005 | 32,100,390 | 31,506,444 | 20,868,960 | 20,749,347 | ||||||||
Rate | 1.47 | % | 1.48 | 1.38 | 1.12 | 0.99 | ||||||||
Non-interest-bearing demand deposits | $ | 9,365,776 | 9,304,839 | 9,054,949 | 8,014,761 | 7,672,006 | ||||||||
Cost of funds | 1.16 | % | 1.15 | 1.07 | 0.81 | 0.73 | ||||||||
Net interest margin | 3.69 | % | 3.69 | 3.78 | 3.92 | 3.89 | ||||||||
Taxable equivalent adjustment | $ | 819 | 811 | 630 | 181 | 136 | ||||||||
(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 (1) | Linked Quarter | Total Loans | Year/Year | ||||||||||||||||||||
Loan Type | September 30, 2019 | September 30, 2019 | September 30, 2019 | June 30, 2019 | % Change (2) | September 30, 2018 | % Change | |||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 9,855,881 | $ | 8,085,060 | $ | 1,770,821 | $ | 9,717,746 | 5.6 | % | $ | 7,281,466 | 35.4 | % | ||||||||||||
Owner-Occupied | 6,589,391 | 5,588,970 | 1,000,421 | 6,529,797 | 3.6 | 5,221,828 | 26.2 | |||||||||||||||||||
Total Commercial & Industrial | 16,445,272 | 13,674,030 | 2,771,242 | 16,247,543 | 4.8 | 12,503,294 | 31.5 | |||||||||||||||||||
Multi-Family | 2,164,629 | 1,446,034 | 718,595 | 2,113,938 | 9.5 | 1,330,006 | 62.8 | |||||||||||||||||||
Hotels | 1,267,790 | 778,882 | 488,908 | 1,244,512 | 7.4 | 760,885 | 66.6 | |||||||||||||||||||
Office Buildings | 2,157,186 | 1,420,951 | 736,235 | 2,291,617 | (23.3 | ) | 1,368,608 | 57.6 | ||||||||||||||||||
Shopping Centers | 1,683,848 | 939,346 | 744,502 | 1,677,555 | 1.5 | 815,696 | 106.4 | |||||||||||||||||||
Warehouses | 676,202 | 580,015 | 96,187 | 696,692 | (11.7 | ) | 679,184 | (0.4 | ) | |||||||||||||||||
Other Investment Property | 985,108 | 893,131 | 91,977 | 980,786 | 1.7 | 711,311 | 38.5 | |||||||||||||||||||
Total Investment Properties | 8,934,763 | 6,058,359 | 2,876,404 | 9,005,100 | (3.1 | ) | 5,665,690 | 57.7 | ||||||||||||||||||
1-4 Family Construction | 221,905 | 168,918 | 52,987 | 219,032 | 5.2 | 183,044 | 21.2 | |||||||||||||||||||
1-4 Family Investment Mortgage | 516,859 | 471,206 | 45,653 | 528,358 | (8.6 | ) | 524,152 | (1.4 | ) | |||||||||||||||||
Total 1-4 Family Properties | 738,764 | 640,124 | 98,640 | 747,390 | (4.6 | ) | 707,196 | 4.5 | ||||||||||||||||||
Commercial Development | 124,213 | 61,209 | 63,004 | 138,840 | (41.8 | ) | 61,608 | 101.6 | ||||||||||||||||||
Residential Development | 224,662 | 138,704 | 85,958 | 218,850 | 10.5 | 91,578 | 145.3 | |||||||||||||||||||
Land Acquisition | 263,631 | 207,921 | 55,710 | 238,267 | 42.2 | 186,334 | 41.5 | |||||||||||||||||||
Land and Development | 612,506 | 407,834 | 204,672 | 595,957 | 11.0 | 339,520 | 80.4 | |||||||||||||||||||
Total Commercial Real Estate | 10,286,033 | 7,106,317 | 3,179,716 | 10,348,447 | (2.4 | ) | 6,712,406 | 53.2 | ||||||||||||||||||
Consumer Mortgages | 5,470,730 | 3,398,720 | 2,072,010 | 5,407,762 | 4.6 | 2,843,244 | 92.4 | |||||||||||||||||||
Home Equity Lines | 1,675,092 | 1,616,063 | 59,029 | 1,650,745 | 5.9 | 1,465,419 | 14.3 | |||||||||||||||||||
Credit Cards | 267,874 | 267,874 | — | 258,283 | 14.7 | 245,149 | 9.3 | |||||||||||||||||||
Other Consumer Loans | 2,295,486 | 2,285,319 | 10,167 | 2,249,337 | 8.1 | 1,831,385 | 25.3 | |||||||||||||||||||
Total Consumer | 9,709,182 | 7,567,976 | 2,141,206 | 9,566,127 | 5.9 | 6,385,197 | 52.1 | |||||||||||||||||||
Unearned Income | (22,661 | ) | (22,661 | ) | — | (23,556 | ) | (15.1 | ) | (23,781 | ) | (4.7 | ) | |||||||||||||
Total | $ | 36,417,826 | $ | 28,325,662 | $ | 8,092,164 | $ | 36,138,561 | 3.1 | % | $ | 25,577,116 | 42.4 | % | ||||||||||||
(1) On 1/1/19 $9.29 B of loans (at fair value) were acquired from FCB. The amounts presented in these columns are net of paydowns and payoffs since acquisition date. | ||||||||||||||||||||||||||
(2) Percentage change is annualized. | ||||||||||||||||||||||||||
NON-PERFORMING LOANS COMPOSITION (1) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Dollars in thousands) | Total Non-performing Loans | Total Originated Non-performing Loans | Total Acquired Non-performing Loans (2) | Total Non-performing Loans (3) | Linked Quarter | Total Non-performing Loans | Year/Year | |||||||||||||||||||
Loan Type | September 30, 2019 | September 30, 2019 | September 30, 2019 | June 30, 2019 | % Change | September 30, 2018 | % Change | |||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 73,672 | $ | 64,912 | $ | 8,760 | $ | 72,934 | 1.0 | % | $ | 69,010 | 6.8 | % | ||||||||||||
Owner-Occupied | 9,222 | 9,222 | — | 13,465 | (31.5 | ) | 5,708 | 61.6 | ||||||||||||||||||
Total Commercial & Industrial | 82,894 | 74,134 | 8,760 | 86,399 | (4.1 | ) | 74,718 | 10.9 | ||||||||||||||||||
Multi-Family | — | — | — | — | - | 234 | nm | |||||||||||||||||||
Hotels | — | — | — | — | - | — | - | |||||||||||||||||||
Office Buildings | 290 | 238 | 52 | 300 | (3.3 | ) | 166 | 74.7 | ||||||||||||||||||
Shopping Centers | 140 | 140 | — | 671 | (79.1 | ) | 89 | 57.3 | ||||||||||||||||||
Warehouses | — | — | — | — | - | — | - | |||||||||||||||||||
Other Investment Property | — | — | — | 7 | nm | 1,666 | nm | |||||||||||||||||||
Total Investment Properties | 430 | 378 | 52 | 978 | (56.0 | ) | 2,155 | (80.0 | ) | |||||||||||||||||
1-4 Family Construction | 698 | 698 | — | 208 | 235.6 | — | nm | |||||||||||||||||||
1-4 Family Investment Mortgage | 1,520 | 1,520 | — | 1,637 | (7.1 | ) | 3,139 | (51.6 | ) | |||||||||||||||||
Total 1-4 Family Properties | 2,218 | 2,218 | — | 1,845 | 20.2 | 3,139 | (29.3 | ) | ||||||||||||||||||
Commercial Development | 87 | 87 | — | — | - | 42 | 107.1 | |||||||||||||||||||
Residential Development | 1,526 | 1,526 | — | 1,253 | 21.8 | 3,184 | (52.1 | ) | ||||||||||||||||||
Land Acquisition | 1,419 | 1,419 | — | 1,482 | (4.3 | ) | 1,603 | (11.5 | ) | |||||||||||||||||
Land and Development | 3,032 | 3,032 | — | 2,735 | 10.9 | 4,829 | (37.2 | ) | ||||||||||||||||||
Total Commercial Real Estate | 5,680 | 5,628 | 52 | 5,558 | 2.2 | 10,123 | (43.9 | ) | ||||||||||||||||||
Consumer Mortgages | 10,015 | 10,015 | — | 13,628 | (26.5 | ) | 5,313 | 88.5 | ||||||||||||||||||
Home Equity Lines | 12,590 | 12,590 | — | 13,830 | (9.0 | ) | 14,498 | (13.2 | ) | |||||||||||||||||
Other Consumer Loans | 4,736 | 4,736 | — | 4,668 | 1.5 | 3,773 | 25.5 | |||||||||||||||||||
Total Consumer | 27,341 | 27,341 | — | 32,126 | (14.9 | ) | 23,584 | 15.9 | ||||||||||||||||||
Total | $ | 115,915 | $ | 107,103 | $ | 8,812 | $ | 124,083 | (6.6 | )% | $ | 108,425 | 6.9 | % | ||||||||||||
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income. | ||||||||||||||||||||||||||
(2) Represents loans acquired from FCB and designated as non-accrual, net of payments and dispositions since acquisition date | ||||||||||||||||||||||||||
(3) June 30, 2019 total non-performing loans included $7.0 million of acquired non-performing loans, net of payments and dispositions since acquisition date. |
Synovus | ||||||||||||||||||||
CREDIT QUALITY DATA | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Third Quarter | |||||||||||||||||
Third | Second | First | Fourth | Third | '19 vs '18 | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | % Change | |||||||||||||||
Non-performing Loans (1) | $ | 115,915 | 124,083 | 143,976 | 106,733 | 108,425 | 6.9 | % | ||||||||||||
Other Real Estate and Other Assets | 35,400 | 15,479 | 11,341 | 7,726 | 8,554 | 313.8 | % | |||||||||||||
Non-performing Assets (1) | 151,315 | 139,562 | 155,317 | 114,459 | 116,979 | 29.4 | ||||||||||||||
Allowance for Loan Losses | 265,013 | 257,376 | 257,036 | 250,555 | 251,450 | 5.4 | ||||||||||||||
Net Charge-Offs - Quarter | 19,924 | 11,778 | 17,088 | 13,044 | 15,257 | |||||||||||||||
Net Charge-Offs - YTD | 48,791 | 28,867 | 17,088 | 50,410 | 37,366 | |||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 0.22 | % | 0.13 | 0.19 | 0.20 | 0.24 | ||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 0.18 | 0.16 | 0.19 | 0.20 | 0.20 | |||||||||||||||
Non-performing Loans / Loans (1) | 0.32 | 0.34 | 0.40 | 0.41 | 0.42 | |||||||||||||||
Non-performing Assets / Loans, ORE and specific other assets (1) | 0.42 | 0.39 | 0.44 | 0.44 | 0.46 | |||||||||||||||
Allowance / Loans | 0.73 | 0.71 | 0.72 | 0.97 | 0.98 | |||||||||||||||
Allowance / Non-performing Loans (1) | 228.63 | 207.42 | 178.53 | 234.75 | 231.91 | |||||||||||||||
Allowance / Non-performing Loans excluding impaired and acquired loans with no reserve (1) | 363.63 | 282.51 | 291.62 | 297.68 | 288.21 | |||||||||||||||
Past Due Loans over 90 days and Still Accruing (1) | $ | 15,660 | 5,851 | 4,486 | 3,798 | 4,856 | 222.5 | |||||||||||||
As a Percentage of Loans Outstanding | 0.04 | % | 0.02 | 0.01 | 0.01 | 0.02 | ||||||||||||||
Total Past Due Loans and Still Accruing (1) | $ | 88,219 | 80,792 | 88,135 | 56,927 | 78,323 | 12.6 | |||||||||||||
As a Percentage of Loans Outstanding | 0.24 | % | 0.22 | 0.25 | 0.22 | 0.31 | ||||||||||||||
Accruing Troubled Debt Restructurings (TDRs) | $ | 130,019 | 126,369 | 112,205 | 115,588 | 114,740 | 13.3 | |||||||||||||
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income. | ||||||||||||||||||||
(2) Ratio is annualized. | ||||||||||||||||||||
SELECTED CAPITAL INFORMATION (1) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||||||
Tier 1 Capital | $ | 4,196,628 | 3,090,416 | 3,038,768 | ||||||||||||||||
Total Risk-Based Capital | 5,023,138 | 3,601,376 | 3,550,686 | |||||||||||||||||
Common Equity Tier 1 Capital Ratio | 8.96 | % | 9.95 | 9.90 | ||||||||||||||||
Common Equity Tier 1 Ratio (fully phased-in) (5) | 8.95 | 9.92 | 9.86 | |||||||||||||||||
Tier 1 Capital Ratio | 10.27 | 10.61 | 10.57 | |||||||||||||||||
Total Risk-Based Capital Ratio | 12.30 | 12.37 | 12.36 | |||||||||||||||||
Tier 1 Leverage Ratio | 9.02 | 9.60 | 9.58 | |||||||||||||||||
Common Equity as a Percentage of Total Assets (2) | 9.09 | 8.99 | 8.87 | |||||||||||||||||
Tangible Common Equity Ratio (3) (5) | 8.04 | 8.81 | 8.68 | |||||||||||||||||
Book Value Per Common Share (4) | $ | 29.35 | 25.36 | 24.38 | ||||||||||||||||
Tangible Book Value Per Common Share (3) | 25.65 | 24.78 | 23.80 | |||||||||||||||||
(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. |