SYNOVUS FINANCIAL CORP - FORM 8-K - EX-99.2 - April 20, 2021

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SynovusExhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20212020First Quarter
First QuarterFourth QuarterThird QuarterSecond QuarterFirst Quarter '21 vs '20
% Change
Interest income$409,817 433,479 435,550 451,569 483,897 (15)%
Interest expense35,960 47,547 58,560 75,003 110,637 (67)
Net interest income373,857 385,932 376,990 376,566 373,260 — 
(Reversal of) provision for credit losses(18,575)11,066 43,383 141,851 158,722 nm
Net interest income after provision for credit losses392,432 374,866 333,607 234,715 214,538 83 
Non-interest revenue:
Service charges on deposit accounts20,033 19,063 17,813 15,567 20,689 (3)
Fiduciary and asset management fees17,954 17,242 15,885 14,950 15,174 18 
Card fees11,996 11,743 10,823 9,186 10,950 10 
Brokerage revenue12,974 11,794 10,604 9,984 12,398 5 
Mortgage banking income22,315 24,426 31,229 23,530 12,227 83 
Capital markets income 7,505 4,352 5,690 6,050 11,243 (33)
Income from bank-owned life insurance8,843 9,725 7,778 7,756 6,038 46 
Investment securities (losses)/gains, net(1,990)2,337 (1,550)69,409 8,734 nm
Gain on sale and fair value increase/(decrease) on private equity investments— 63 260 8,707 (4,255)nm
Other non-interest revenue11,326 14,016 15,879 8,345 10,659 6 
Total non-interest revenue110,956 114,761 114,411 173,484 103,857 7 
Non-interest expense:
Salaries and other personnel expense161,477 153,946 154,994 159,597 149,678 8 
Net occupancy, equipment, and software expense41,134 44,183 41,554 41,727 42,194 (3)
Third-party processing and other services20,032 20,799 21,827 22,666 22,700 (12)
Professional fees9,084 17,541 13,377 15,305 10,675 (15)
FDIC insurance and other regulatory fees5,579 6,288 6,793 6,851 5,278 6 
   Amortization of intangibles2,379 2,640 2,640 2,640 2,640 (10)
Goodwill impairment — — 44,877 — — nm
Restructuring charges 531 18,068 2,882 2,822 3,220 nm
   Loss on early extinguishment of debt— 8,409 154 — 1,904 nm
Earnout liability adjustments— — — 4,908 — nm
Other operating expenses26,918 30,624 27,557 27,625 37,990 (29)
Total non-interest expense267,134 302,498 316,655 284,141 276,279 (3)
Income before income taxes236,254 187,129 131,363 124,058 42,116 461 
Income tax expense49,161 36,720 39,789 30,866 3,595 nm
Net income187,093 150,409 91,574 93,192 38,521 386 
Less: Preferred stock dividends8,291 8,291 8,291 8,291 8,291 — 
Net income available to common shareholders$178,802 142,118 83,283 84,901 30,230 491 %
Net income per common share, basic$1.20 0.96 0.57 0.58 0.21 487 %
Net income per common share, diluted1.19 0.96 0.56 0.57 0.20 486 
Cash dividends declared per common share0.33 0.33 0.33 0.33 0.33 — 
Return on average assets *1.40 %1.11 0.69 0.71 0.32 108 bps
Return on average common equity *15.77 12.31 7.28 7.48 2.75 1,302 
Weighted average common shares outstanding, basic148,467 147,744 147,314 147,288 147,311 1 %
Weighted average common shares outstanding, diluted149,780 148,725 147,976 147,733 148,401 1 
 nm - not meaningful
 bps - basis points
* - ratios are annualized




Synovus
BALANCE SHEET DATAMarch 31, 2021December 31, 2020March 31, 2020
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks$493,645 $531,625 $652,451 
Interest-bearing funds with Federal Reserve Bank2,722,100 3,586,565 1,020,775 
Interest earning deposits with banks23,969 20,944 20,717 
Federal funds sold and securities purchased under resale agreements88,552 113,783 129,891 
Cash and cash equivalents3,328,266 4,252,917 1,823,834 
Investment securities available for sale, at fair value8,825,757 7,962,438 6,937,240 
Loans held for sale ($242,010, $216,647, and $119,841 measured at fair value, respectively)993,887 760,123 119,841 
Loans, net of deferred fees and costs38,805,101 38,252,984 38,258,024 
Allowance for loan losses(563,214)(605,736)(493,452)
Loans, net38,241,887 37,647,248 37,764,572 
Cash surrender value of bank-owned life insurance1,054,475 1,049,373 1,031,544 
Premises, equipment and software, net454,911 463,959 482,462 
Goodwill452,390 452,390 497,267 
Other intangible assets, net42,733 45,112 53,032 
Other assets1,764,705 1,760,599 1,909,793 
Total assets$55,159,011 $54,394,159 $50,619,585 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$14,660,287 $13,477,854 $9,659,451 
Interest-bearing deposits32,708,664 33,213,717 30,167,134 
Total deposits47,368,951 46,691,571 39,826,585 
Federal funds purchased and securities sold under repurchase agreements293,659 227,922 312,776 
Other short-term borrowings— 7,717 1,175,000 
Long-term debt1,202,825 1,202,494 3,152,339 
Other liabilities1,131,859 1,103,121 1,087,680 
Total liabilities49,997,294 49,232,825 45,554,380 
Shareholders' equity:
Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000537,145 537,145 537,145 
Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 168,978,380, 168,132,522, and 167,359,689; outstanding 148,888,513, 148,039,495, and 147,266,662168,978 168,133 167,360 
Additional paid-in capital3,864,281 3,851,208 3,821,357 
Treasury stock, at cost – 20,089,867, 20,093,027, and 20,093,027 shares(731,690)(731,806)(731,806)
Accumulated other comprehensive income, net15,278 158,635 256,911 
Retained earnings1,307,725 1,178,019 1,014,238 
Total shareholders’ equity5,161,717 5,161,334 5,065,205 
Total liabilities and shareholders' equity$55,159,011 $54,394,159 $50,619,585 






Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)20212020
(Dollars in thousands)
FirstFourthThirdSecondFirst
QuarterQuarterQuarterQuarterQuarter
Interest Earning Assets
Investment securities (2) (4)
$8,437,563 7,493,822 7,227,400 6,618,533 6,680,047 
Yield
1.40 %2.07 2.39 2.72 3.09 
Trading account assets (5)
$3,063 8,496 5,391 6,173 6,306 
Yield
2.81 %1.03 1.69 2.19 2.70 
Commercial loans (3) (4)
$29,844,491 30,363,102 30,730,135 30,236,919 27,607,343 
Yield
3.95 %3.96 3.80 3.95 4.57 
Consumer loans (3)
$8,367,776 8,521,449 9,032,437 9,899,172 9,985,702 
Yield
3.98 %4.00 4.08 4.34 4.60 
Allowance for loan losses
$(599,872)(595,547)(591,098)(498,545)(368,033)
Loans, net (3)
$37,612,395 38,289,004 39,171,474 39,637,546 37,225,012 
Yield
4.02 %4.03 3.92 4.08 4.62 
Mortgage loans held for sale
$246,962 309,278 244,952 221,157 86,415 
Yield
2.68 %2.74 2.92 3.09 3.67 
Other loans held for sale$660,753 544,301 493,940 19,246 — 
Yield2.91 %2.81 3.61 4.19 — 
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
$2,838,021 2,716,645 1,265,880 1,709,086 652,130 
Yield
0.10 %0.10 0.11 0.11 1.02 
Federal Home Loan Bank and Federal Reserve Bank Stock (5)
$157,657 162,537 200,923 247,801 284,082 
Yield
1.69 %2.64 2.73 3.60 3.38 
Total interest earning assets
$49,956,414 49,524,083 48,609,960 48,459,542 44,933,992 
Yield
3.32 %3.49 3.58 3.75 4.33 
Interest-Bearing Liabilities
Interest-bearing demand deposits
$8,570,753 8,531,415 7,789,095 7,260,940 6,445,986 
Rate
0.14 %0.16 0.19 0.21 0.51 
Money Market accounts
$15,348,916 14,411,860 13,272,972 12,238,479 11,548,014 
Rate
0.23 %0.26 0.36 0.46 1.00 
Savings deposits
$1,219,288 1,147,667 1,114,956 1,036,024 926,822 
Rate
0.02 %0.01 0.02 0.02 0.05 
Time deposits under $100,000
$1,161,306 1,239,592 1,379,923 1,621,943 1,761,741 
Rate
0.56 %0.74 1.03 1.43 1.64 
Time deposits over $100,000
$2,993,996 3,302,959 3,863,821 4,772,555 5,051,705 
Rate
0.74 %1.03 1.44 1.80 2.04 
Other brokered deposits
$1,950,582 1,978,393 1,912,114 1,998,571 1,376,669 
Rate
0.20 %0.23 0.23 0.25 1.42 
Brokered time deposits
$1,418,751 1,795,982 2,232,940 2,244,429 2,166,496 
Rate
1.50 %1.60 1.59 1.86 2.11 
Total interest-bearing deposits
$32,663,592 32,407,868 31,565,821 31,172,941 29,277,433 
Rate
0.31 %0.39 0.54 0.73 1.18 
Federal funds purchased and securities sold under repurchase agreements
$209,448 174,316 180,342 250,232 167,324 
Rate
0.07 %0.07 0.09 0.12 0.30 
Other short-term borrowings
$— — 46,739 550,000 1,384,362 
Rate
— %— 1.12 1.23 1.66 
Long-term debt
$1,202,613 1,552,791 2,234,665 2,834,188 2,678,651 
Rate
3.63 %3.96 2.71 2.36 2.78 
Total interest-bearing liabilities
$34,075,653 34,134,975 34,027,567 34,807,361 33,507,770 
Rate
0.42 %0.55 0.68 0.86 1.30 
Non-interest-bearing demand deposits
$13,791,286 13,566,112 12,773,676 11,923,534 9,409,774 
Cost of funds
0.30 %0.40 0.50 0.65 1.04 
Effective cost of funds(6)
0.28 %0.37 0.48 0.62 0.96 
Net interest margin
3.04 %3.12 3.10 3.13 3.37 
Taxable equivalent adjustment (4)
$774 821 956 861 786 
(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.
(6) Includes the impact of non-interest-bearing capital funding sources.




Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)Total LoansTotal LoansLinked QuarterTotal LoansYear/Year
(Dollars in thousands)
Loan TypeMarch 31, 2021December 31, 2020% Change March 31, 2020% Change
Commercial, Financial, and Agricultural$12,662,329 $12,410,152 2 %$10,902,455 16 %
Owner-Occupied7,031,505 7,110,016 (1)6,907,893 2 
Total Commercial & Industrial19,693,834 19,520,168 1 17,810,348 11 
Multi-Family2,220,939 2,190,534 1 2,103,566 6 
Hotels1,462,370 1,442,242 1 1,311,614 11 
Office Buildings2,280,053 2,207,744 3 2,211,525 3 
Shopping Centers1,662,158 1,644,519 1 1,778,627 (7)
Warehouses692,267 700,050 (1)759,858 (9)
Other Investment Property1,017,938 918,290 11 859,726 18 
Total Investment Properties9,335,725 9,103,379 3 9,024,916 3 
1-4 Family Construction189,626 182,981 4 254,495 (25)
1-4 Family Investment Mortgage449,328 445,714 1 482,442 (7)
Total 1-4 Family Properties638,954 628,695 2 736,937 (13)
Commercial Development142,380 130,678 9 107,219 33 
Residential Development196,653 245,170 (20)302,516 (35)
Land Acquisition220,216 217,785 1 303,770 (28)
Land and Development559,249 593,633 (6)713,505 (22)
Total Commercial Real Estate10,533,928 10,325,707 2 10,475,358 1 
Consumer Mortgages5,299,175 5,513,491 (4)5,613,997 (6)
Home Equity Lines1,432,367 1,537,726 (7)1,793,486 (20)
Credit Cards267,371 281,018 (5)261,581 2 
Other Consumer Loans1,578,426 1,074,874 47 2,303,254 (31)
Total Consumer8,577,339 8,407,109 2 9,972,318 (14)
Total$38,805,101 $38,252,984 1 %$38,258,024 1 %
NON-PERFORMING LOANS COMPOSITION
(Unaudited)Total
Non-performing Loans		Total
Non-performing Loans		Linked QuarterTotal
Non-performing Loans		Year/Year
(Dollars in thousands)
Loan TypeMarch 31, 2021December 31, 2020% ChangeMarch 31, 2020% Change
Commercial, Financial, and Agricultural$76,460 $77,386 (1)%$99,287 (23)%
Owner-Occupied17,192 20,019 (14)17,357 (1)
Total Commercial & Industrial93,652 97,405 (4)116,644 (20)
Multi-Family2,698 168 nm356 658 
Office Buildings1,645 1,134 45 836 97 
Shopping Centers20,138 21,082 (4)712 nm
Warehouses221 217 2 — nm
Other Investment Property887 2,030 (56)308 188 
Total Investment Properties25,589 24,631 4 2,212 nm
1-4 Family Construction1,291 1,236 4 278 364 
1-4 Family Investment Mortgage2,760 2,383 16 2,047 35 
Total 1-4 Family Properties4,051 3,619 12 2,325 74 
Commercial Development567 582 (3)596 (5)
Residential Development452 533 (15)561 (19)
Land Acquisition782 1,048 (25)1,043 (25)
Land and Development1,801 2,163 (17)2,200 (18)
Total Commercial Real Estate31,441 30,413 3 6,737 367 
Consumer Mortgages11,201 8,740 28 13,571 (17)
Home Equity Lines12,191 12,145 — 12,475 (2)
Other Consumer Loans6,684 2,376 181 6,860 (3)
Total Consumer30,076 23,261 29 32,906 (9)
Total$155,169 $151,079 3 %$156,287 (1)%




Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20212020First Quarter
FirstFourthThirdSecondFirst '21 vs '20
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPLs)$155,169 151,079 168,837 147,437 156,287 (1)%
Impaired Loans Held for Sale23,590 23,590 — — — nm
Other Real Estate and Other Assets16,849 17,394 23,280 30,242 33,679 (50)
Non-performing Assets (NPAs)195,608 192,063 192,117 177,679 189,966 3 
Allowance for Loan Losses (ALL)563,214 605,736 603,800 588,648 493,452 14 
Reserve for Unfunded Commitments51,528 47,785 60,794 61,029 38,420 34 
Allowance for Credit Losses (ACL)
614,742 653,521 664,594 649,677 531,872 16 
Net Charge-Offs - Quarter20,204 22,139 28,466 24,046 20,061 
Net Charge-Offs / Average Loans - Quarter (1)
0.21 %0.23 0.29 0.24 0.21 
NPLs / Loans0.40 0.39 0.43 0.37 0.41 
NPAs / Loans, ORE and specific other assets0.50 0.50 0.49 0.44 0.50 
ACL/Loans1.58 1.71 1.68 1.63 1.39 
ALL/Loans1.45 1.58 1.53 1.47 1.29 
ACL/NPLs396.18 432.57 393.63 440.65 340.32 
ALL/NPLs362.97 400.94 357.62 399.25 315.74 
Past Due Loans over 90 days and Still Accruing$3,804 4,117 7,512 8,391 6,398 (41)
As a Percentage of Loans Outstanding0.01 %0.01 0.02 0.02 0.02 
Total Past Due Loans and Still Accruing$45,693 47,349 57,316 46,390 83,235 (45)
As a Percentage of Loans Outstanding0.12 %0.12 0.14 0.12 0.22 
Accruing Troubled Debt Restructurings (TDRs)$129,776 134,972 163,511 166,461 160,128 (19)
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
March 31, 2021December 31, 2020March 31, 2020
Tier 1 Capital$4,721,859 4,572,010 4,281,560 
Total Risk-Based Capital5,733,955 5,604,230 5,289,039 
Common Equity Tier 1 Capital Ratio9.74 %9.66 8.70 
Tier 1 Capital Ratio10.99 10.95 9.95 
Total Risk-Based Capital Ratio13.34 13.42 12.29 
Tier 1 Leverage Ratio8.80 8.50 8.92 
Common Equity as a Percentage of Total Assets (2)
8.38 8.51 8.95 
Tangible Common Equity Ratio (3) (5)
7.55 7.66 7.94 
Book Value Per Common Share (4)
$31.06 31.24 30.75 
Tangible Book Value Per Common Share (3)
27.74 27.88 27.01 
(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.


SYNOVUS FINANCIAL CORP Reports